Webuild has reached an agreement with Clough Limited Administrators for the acquisition of a set of assets comprising the Australian organisation and certain projects.(a) the acquisition of a base perimeter comprising Clough’s Australian organisation (offices, brand, credentials, business references, senior management, office personnel, etc.) and its share of the Snowy 2.0 and Inland Rail contracts (with the related workforce), where Clough is Webuild’s partner, for a total transaction consideration of AUD 17.6 million (plus the assumption of employee liabilities); (b) the option to extend the transaction scope to include other projects if accretive conditions for the Group are guaranteed, consistently with its financial objectives, with additional consideration payable should that option be exercised; (c) an exclusivity period up until 21 December 2022 for Webuild, to define and agree the final contract relating to reached agreements. Webuild had signed a sale and purchase agreementwith the South African company Murray & Roberts for the acquisition of 100% of Clough on 8 November, subject to certain conditions precedent (including, in particular, the positive outcome of the due diligence and the provision of sufficient collateral for an interim loan to be provided by Webuild to Clough before completion of the acquisition). These conditions precedent were not met and, as a result, on 5 December 2022, Webuild and Murray & Roberts jointly agreed to terminate the SPA informing the market of their decision. Clough was thus placed in voluntary administration as its ability to continue as a going concern was dependent on third party funding which Murray & Roberts had stated it was unable to supply. Webuild immediately began negotiations with Clough Administrators leading to an agreement that covers:Clough, founded in Perth in 1919, is a major player in its sector and has a workforce of around 2,500 employees. It provides sustainable and innovative solutions in the design, construction and maintenance of plants and infrastructures. Its landmark projects include the first high-rise in Perth, and the first major underground freeway tunnel in Western Australia.
Webuild has reached an agreement with Clough Limited Administrators for the acquisition of a set of assets comprising the Australian organisation and certain projects.(a) the acquisition of a base perimeter comprising Clough’s Australian organisation (offices, brand, credentials, business references, senior management, office personnel, etc.) and its share of the Snowy 2.0 and Inland Rail contracts (with the related workforce), where Clough is Webuild’s partner, for a total transaction consideration of AUD 17.6 million (plus the assumption of employee liabilities); (b) the option to extend the transaction scope to include other projects if accretive conditions for the Group are guaranteed, consistently with its financial objectives, with additional consideration payable should that option be exercised; (c) an exclusivity period up until 21 December 2022 for Webuild, to define and agree the final contract relating to reached agreements. Webuild had signed a sale and purchase agreementwith the South African company Murray & Roberts for the acquisition of 100% of Clough on 8 November, subject to certain conditions precedent (including, in particular, the positive outcome of the due diligence and the provision of sufficient collateral for an interim loan to be provided by Webuild to Clough before completion of the acquisition). These conditions precedent were not met and, as a result, on 5 December 2022, Webuild and Murray & Roberts jointly agreed to terminate the SPA informing the market of their decision. Clough was thus placed in voluntary administration as its ability to continue as a going concern was dependent on third party funding which Murray & Roberts had stated it was unable to supply. Webuild immediately began negotiations with Clough Administrators leading to an agreement that covers:Clough, founded in Perth in 1919, is a major player in its sector and has a workforce of around 2,500 employees. It provides sustainable and innovative solutions in the design, construction and maintenance of plants and infrastructures. Its landmark projects include the first high-rise in Perth, and the first major underground freeway tunnel in Western Australia.
