Webuild Strengthens Presence in Australia with Clough Acquisition

(IN BRIEF) Webuild has signed a contract with the Deloitte Administrators of Clough Limited to acquire Clough’s assets, including more than €4 billion worth of projects in backlog and the organization, including offices, trademarks, and personnel. The acquisition will create a Group ranking among the largest and oldest in Australia and strengthen Webuild’s presence in the country. The total value of the transaction is approximately AU$35.9 million (€23.4 million) and is subject to obtaining certain consents from third parties involved. Webuild is continuing to expand its operations in Australia and has potential construction contracts estimated to exceed €300 billion for 2022-2025. The integration of Webuild and Clough brings Webuild’s overall order backlog in Australia to over €12 billion and around 3,000 employees.

(PRESS RELEASE) MILAN, 3-Feb-2023 — /EuropaWire/ — Webuild SpA (BIT: WBD), an Italian industrial group specialised in the construction and civil engineering, formerly Salini Impregilo, announced today that it has signed a contract to acquire the assets of Clough Limited, one of Australia’s oldest and most established construction companies. The acquisition will bring together two of the most respected names in the industry, and will create a Group that is poised to take advantage of the many opportunities in the Australian market.

The acquisition includes Clough’s organization, including its offices, trademarks, credentials, business references, senior management and office personnel, and more than €4 billion in projects in backlog as of the end of 2022. The acquisition will ensure the continuity of Clough’s projects and the ongoing employment of its 1,100 employees, and will allow Webuild to benefit from a booming market with hundreds of billions of investments expected in the coming years.

The integration of Webuild and Clough will also provide significant synergies in areas such as commercial planning and business development, bid preparation, human resources management, procurement management, administration, finance, and control. This will enable Webuild to expand and diversify its business by leveraging Clough’s competencies, capabilities, good market positioning, and strong reputation in sectors such as energy, installations, and defense.

The total value of the transaction is equal to approximately €23.4 million, and the completion of the acquisition remains subject to obtaining certain consents from third parties involved in the operation, including the approval at the second meeting of creditors expected to be held by mid-February 2023.

Australia is a core market for Webuild, and the company is already working on several major infrastructure projects in the country, including the Sydney Metro-Western Sydney Airport, North East Link, and a section of Inland Rail. The integration of Webuild and Clough will bring Webuild’s overall order backlog in Australia to over €12 billion, including projects for which they are preferred bidders, and will provide the Group with around 3,000 employees.

Clough, founded in Perth in 1919, is a pioneer in the country’s construction industry, and has a long history of delivering landmark projects in the region. The company has been responsible for building some of the most important infrastructure projects in Australia and Papua New Guinea, and has earned a reputation for quality, reliability, and expertise in the industry.

This acquisition is a significant step forward for Webuild, and the company is committed to building on the strengths of both organizations to create a world-class construction and engineering Group that is poised for success in the years to come.

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Webuild, the new Group born in 2020 from Salini Impregilo, is a leading global player in the construction of large, complex projects for sustainable mobility (rail, metro, bridges, roads, ports), hydropower (dams, power plants), water (treatment and desalination plants, wastewater management, irrigation dams) and green buildings (civil and industrial buildings, airports, stadiums, hospitals). It supports clients in achieving the Sustainable Development Goals (SDGs) established by the United Nations. The Group ranks first in the world for the construction of infrastructure in the water sector. Since 2018, it is also among the top 10 companies by revenue generated from environmental services. Webuild is the expression of 116 years of engineering experience applied in 50 countries with 80,000 direct and indirect employees from more than 100 nationalities. Iconic projects, completed or under construction, include the M4 metro line in Milan, a section of Line 16 of the Grand Paris Express, Cityringen in Copenhagen, the viaduct and bridge for Sydney Metro Northwest in Australia, Red Line North Underground in Doha, Line 3 of Riyadh Metro and high-speed railways in Italy. Others include the Genova San Giorgio Bridge in Italy, the Long Beach International Gateway Bridge in Long Beach, California, the expansion of the Panama Canal, the Snowy 2.0 hydroelectric scheme in Australia, the Rogun hydroelectric dam in Tajikistan, the Anacostia River and Northeast Boundary hydraulic tunnels in Washington, D.C., and the Al Bayt 2022 World Cup stadium in Qatar. At June 30, 2022, the Group had a total order backlog amounting to more than €47 billion, with 90% of the construction backlog relating to projects linked to SDGs. Webuild, subject to direction and coordination by Salini Costruttori S.p.A., is headquartered in Italy and is listed on the Milan stock exchange (Borsa Italiana: WBD; Reuters: WBD.MI; Bloomberg: WBD:IM).

Webuild Strengthens Presence in Australia with Clough Acquisition

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