Ashurst has advised Macmahon Holdings Limited (Macmahon) on the sale of the majority of its construction business and associated assets to Leighton Holdings Limited (Leighton) and its nominated related entities, including John Holland Pty Ltd and Thiess Pty Ltd for approximately A$29.9 million (subject to post-completion adjustments).
Macmahon is a leading Australian contract mining and construction company with major projects throughout Australia, New Zealand, South East Asia and Africa. The transaction is an integral part of Macmahon’s previously disclosed strategy to exit the construction business and become a dedicated full-service mining contractor.
The Ashurst lead partner on the matter, Antonella Pacitti, said: “We have worked with Macmahon over a number of years and are delighted to have been able to support Macmahon and its board through another transaction of such strategic significance.”
The exit from construction, and Macmahon’s recent capital raising, on which Ashurst also acted, have been positively received by the market and Macmahon shareholders.
Between executing the sale documentation and completion, Macmahon also received various proposals from Sembawang Australia Pty Ltd (a subsidiary of Sembawang Engineers and Constructors Pte. Ltd and a member of the Punj Lloyd Group) in relation to its construction business. Ashurst also advised Macmahon and its board on the response to these approaches.
The Ashurst team included partners Antonella Pacitti, Lucas Wilk and Gaelan Cooney, senior associate Stuart Napthali and lawyer Jessica Van Dongen.
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