China Communications Construction Company is buying John Holland, one of Australia's biggest builders, in a deal that gives the state-owned enterprise a foothold in a country spending tens of billions of dollars building new road and rail projects.
A subsidiary of CCCC has agreed a deal with Leighton Holdings, the parent company of John Holland, to buy the building and engineering company for an enterprise value of A$1.15bn ($950m).
“Following a comprehensive and extensive global sale process we have achieved a fair value for John Holland that reflects its position as one of the country’s leading engineering and construction companies,” said Leighton.
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