Lendlease (ASX: LLC) has announced a binding agreement to sell its UK Construction business to Atlas Holdings. This sale finalizes Lendlease’s exit from international construction operations, achieving this milestone ahead of the 18-month timeline outlined in May 2024. The transaction will generate £35 million in cash consideration, including £10 million deferred until June 2026, subject to completion adjustments. Substantially, all UK construction employees will transfer with the sale, ensuring a seamless transition.
Lendlease reaffirms FY25 earnings guidance, projecting Group Earnings Per Security of 54-62 cents, with a significant skew to 2H FY25 due to delays in the Military Housing sale, expected to contribute AU$145-160 million of OPAT. Gearing is forecasted at 26-28% in 1H FY25 but is anticipated to decrease significantly in 2H FY25, trending toward the target range of 5-15%, supported by approximately AU$1.5 billion in contracted cash inflows expected in 3Q FY25.
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