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Leighton sells 70% of telecom assets

2013-03-28 02:34:00| Telecompaper Headlines

(Telecompaper) Australian builder Leighton Holdings has reached an agreement to sell about 70 percent of its telecommunications assets to the Ontario Teachers' Pension Plan. The assets include Nextgen Networks, Metronode, and Infoplex businesses. The sale price values 100 percent of these businesses at AUD 885 million, the company said. Under the deal, the telecommunications businesses will remain Australian headquartered and managed with the existing management team remaining largely in place. As part of the sale, Leighton has also agreed with Teachers' an appropriate ownership structure, through the joint venture, for Leighton's interest in these businesses from closing. The transaction is expected to close in mid-2013.

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