December 22, 2022
Webuild and Clough administrators agree to extend exclusivity period
Milan, 22 December 2022 – Webuild has reached an agreement with Clough Limited ("Clough") Administrators that extends the current period of exclusivity until 25 January 2023, following significant progress on the transaction.
As announced to the market on 14 December 2022, Webuild and the Clough Administrators have reached an agreement that includes Webuild's acquisition of a base perimeter of Clough's Australian organisation (offices, brand, credentials, business references, senior management, office personnel, etc), its share in the and contracts and an option to extend the scope of the transaction to include additional projects, if accretive conditions for Webuild are guaranteed, consistently with its financial objectives. Further, Webuild and Clough agreed to enter into a period of exclusivity in order to finalise terms.
Extension of Exclusivity Period
The initial exclusivity period was to expire on 21 December 2022, however in light of the significant progress made, Webuild and Administrators Clough have agreed that this will be extended until Wednesday 25 January 2023, with a view to completion of the proposed transaction occurring on or before that date.
Webuild has also provided to the voluntary administrators of Clough with immediate funding for the payment of wages to all employees involved on the Snowy 2.0 project, ensuring stability for workforce and project.
Australia is currently Webuild's second largest market after Italy with an order backlog of €8.9 billion, including projects for which Webuild is the preferred bidder, and a workforce of more than 1,800 people. It is a constantly changing market fuelled by iconic projects such as the Perth Airport Line () opened to the public on 9 October 2022. Contracts in excess of €300 billion are expected to materialise in the Australian construction market in the 2022-2025 period.
Clough, set up in Perth in 1919, is a major player in its sector and has a workforce of around 2,500 employees. Its landmark projects include the first high-rise in Perth and the first major underground freeway tunnel in Western Australia.