Prime Highlights:
Lendlease has agreed to sell its UK Construction business to Atlas Holdings under a binding deal, effective 1 January 2025.
Atlas will acquire Lendlease’s construction operations, including employees and leadership, to ensure continuity for clients and business partners.
Atlas was founded in 2002, owns 26 companies on various platforms, is distributed across industries, and employs over 50,000 people that make around US$16 billion every year in revenue.
Key Background:
Lendlease and Atlas Holdings have agreed on a binding sale of Lendlease’s UK Construction business as announced on 1 January 2025. The transaction includes the transfer of Lendlease’s construction operations, including employees and the leadership team, to Atlas, thereby ensuring a seamless transition for its clients and business partners.
Atlas Holdings was established in 2002 and now operates 26 platform companies that have more than 50,000 associates working at over 350 facilities worldwide. Its diversified operations involve metals, wire and cable, automotive supply, building materials, power generation, food production, industrial machinery, and packaging, all of which are worth around US$16 billion annually.
Atlas has robust operating experience, including construction and manufacturing, so it is well positioned to take Lendlease’s legacy forward in the UK market. Chief Executive Officer Tony Lombardo said the deal is part of the company’s strategy to simplify its operations, reduce the risk profile, and enhance returns to shareholders. “This transaction is a positive outcome for our talented employees and valued clients as it marks a new chapter under Atlas’s ownership,” Lombardo said.
Peter Bacon, Operating Partner at Atlas, said that the company is excited to work with David Cadiot and his team. “We are excited to work with David Cadiot and his team to further develop the business, which has a strong track record in delivering large-scale projects for both private and public sector clients,” Bacon said.
Lendlease’s Construction business in the UK has its roots in the company’s long history, dating back to 1885 when it was originally founded as Bovis Construction. Lendlease acquired the company in 1999, and since then, the business has contributed to some of the UK and Europe’s most notable projects. These include the redevelopment of Regent Street in 1923, the construction of the Lloyd’s of London headquarters in 1980, the first phase of Canary Wharf in 1991, and the recently completed 8 Bishopsgate projects in the City of London.
The completion of the sale is contingent upon regulatory approvals and other conditions, with the transaction expected to be finalized before the end of Lendlease’s Australian financial year in June 2025. The financial terms of the deal will remain undisclosed until the transaction is completed.
