Leighton's surprise services JV with US fund

摘要

Hochtief has elected not to sell its entire Leighton Contractors Services subsidiary as was expected, but instead it has entered into a $700 million deal with US private wealth fund Apollo Global Management for a 50:50 joint venture that will bundle together both Thiess and Leighton's services division. The deal achieves Leighton executive chairman Marcelino Fernandez Verdes' goal of reducing duplication among the various Leighton companies and injects fresh capital into the Australian group, to be used to pay down debt.