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February 16, 2023

Webuild completes acquisition of Clough assets

PRESS RELEASES

MILAN, February 16, 2023 - Webuild welcomes the approval of its proposal to acquire Clough assets, as stipulated under the Deed of Company Arrangement, at the second meeting of Clough creditors held in Australia on February 15, 2023. The approval by the creditors and the consensus obtained from third parties involved in the operation mark the completion of the acquisition.  

Webuild will assume, effective February 16, 2023, operation and control of Clough’s activities in Australia and Papua New Guinea. The final acquisition perimeter comprises: i) Clough’s organisation, including offices, trademarks, credentials, business references, senior management and office personnel; and ii) more than €4 billion worth of projects in backlog (as of end 2022), including the related project workforce, under the terms disclosed on February 3, 2023.    

In addition to Clough’s stakes in project held in common with Webuild – strategic infrastructure projects Snowy 2.0 and Inland Rail – the Group will take the stakes, under restructured terms, in the Waitsia gas project, Lombrum naval base, Tallawarra power plant, as well as projects for which Clough is preferred bidder, such as Perdaman’s Ceres urea plant.

Following the acquisition, Webuild will have a total order backlog of more than €12 billion (AU$18.5 billion) and approximately 3,000 employees in Australia, becoming one of the most significant and well-credentialed players in the country. 

This extraordinary outcome, achieved within a complex context with several stakeholders involved, is the result of a close cooperation and collaboration among Webuild and a number of teams including Clough’s staff and management, Deloitte Administrators, clients and major project partners, the surety companies, MA Moelis as financial adviser, Deloitte as accounting and tax adviser, Clifford Chance as legal adviser, and all the other consultant and management teams that were involved in the operation. 

 

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16/02/2023 - 07:36

Webuild completes acquisition of Clough assets

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