Apollo to Invest A$700M for Half of Leighton's Services Business
December 18, 2014
Apollo Global Management has agreed to acquire a 50% stake in the services business of Australian construction company Leighton (ASX: LEI) for A$700 million ($570 million). The joint venture involves the merger of Leighton-owned business that will provide operational maintenance, design and construction, remediation and asset & facilities management services to clients across the resources, telecommunications, transport, energy, water, health and industrial sectors. The assets will have a combined 2014 revenue of over A$2.2 billion and an enterprise value of A$1.08 billion.