Webuild has signed the contract to acquire Clough’s assets, an agreement that places the group among the biggest in Australia.
The acquisition grants Webuild over $6 billion of order backlogs and includes construction and tunnelling projects, like the joint Snowy Hydro 2.0 project.
The contract was signed with Deloitte – the appointed administrators for Clough after the company entered involuntary administration in 2022 after Webuild and Murray & Roberts terminated the original sales and purchase agreement.
Webuild said that the Clough acquisition will allow the delivery of the company’s projects at all levels of government, local communities and businesses, and ensures that subcontractors and contracted suppliers on projects will be paid to complete their work.
The total backlog of projects, including those with Clough as preferred bidder, comes to nearly $18.57 billion.
Webuild is working with Deloitte and stakeholders, and hopes to secure creditor approval by mid-February.
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