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Lendlease to sell engineering business for A$180M

Australia's LendLease Group agreed to sell its engineering business to Acciona Infrastructure Asia Pacific for A$180 million.

The proposed deal excludes the NorthConnex and Kingsford Smith Drive projects in Australia, which are set to be completed by Lendlease. The deal is expected to be completed in the first half of 2020, subject to client and third-party consents and regulatory approvals, among other conditions.

Lendlease said it will provide an update on the ongoing sale process for its services business when it announces its fiscal half-year 2020 results.