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20 Dec 2019

Media Release: Clayton Utz advises Acciona on acquisition of Lendlease's engineering business

Melbourne, 20 December 2019: Clayton Utz has advised global sustainability business Acciona, S.A. (Acciona) on its $180 million acquisition of ASX-listed Lendlease's Engineering business, announced to the market yesterday.

Corporate partner Michael Linehan led the firm's deal team, which included Special Counsel Quentin Reidy, and Senior Associate Claire McKenzie, as well as other specialist lawyers.  The team advised Acciona throughout the sale process including initial offer proposals, due diligence and final agreement negotiation and execution.

Congratulating Acciona, Michael said: "This is a significant transaction for both our client and Lendlease, and involved particularly complex aspects. The transaction involved a team effort from many different disciplines, from both within Acciona and Clayton Utz.  It was a joy to work with the Acciona team, and we are proud to have helped Acciona in its successful negotiations to achieve this outcome.  We look forward to being able to continue to work with Acciona as it continues to grow its Australian business operations."

The acquisition is expected to complete in the first half of 2020, subject to conditions and regulatory approvals. Acciona will acquire the Engineering business excluding the NorthConnex, Kingsford Smith Drive and Melbourne Metro projects.

Acciona provides renewable energy, infrastructure, water and services in response to society's needs. Lendlease is a listed property group specialising in project management and construction, real estate investment and development.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.