Leighton Is Rumoured To Be About To Announce A $1 Billion Sale Of Its Services Unit

Image: Paula Bronstein / Getty Images.

Leighton shares went into a trading halt today after speculation the big contracting group is about to sell its services division.

The company told the ASX there had been media speculation regarding a transaction involving Leighton’s operations and maintenance services business.

The move comes after Leighton last week announced it is selling its engineering subsidiary John Holland for $1.15 billion to Chinese company China Communications Construction Company (CCCC), the fourth largest construction company in the world by revenue.

The divestment of is part of the company’s strategic review initiatives to strengthen the balance sheet.

The Australian Financial Review reported that private equity giant Apollo Global Management is finalising funding for a $1 billion Leighton Services acquisition and trying to get the deal done by the end of the week.

Leighton shares last traded at $20.95.

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