Fletcher Building Finalizes $315m Sale of Construction Arm to Vinci

“The sale of Fletcher Construction is a significant step forward in delivering that strategy, while continuing the work underway to simplify the portfolio, lower debt and improve shareholder returns.” The sale covers Fletcher Construction Holdings and three New Zealand units: Higgins, Brian Perry Civil, and Fletcher Construction Major Projects. South Pacific operations are excluded and remain under separate review. The purchase price is subject to adjustments for working capital and net debt. Fletcher said approximately 2300 employees will transfer with the division, providing continuity for customers, project partners and its teams across New Zealand. The South Pacific operations were being dealt with separately as part of the wider strategic review process, it added.