Lend Lease Group
(ASX:LLC) has announced it has completed the $960 million acquisition of Valemus.
Valemus is the parent company of Baulderstone, Abigroup and Conneq. The Valemus name will be retired immediately.
Lend Lease is starting a 90-day integration process. The acquisition opens up engineering and construction markets for Lend Lease.
The property giant announced a number of executive changes this week in preparation, including the recruitment of Michael Connolly from Leighton Group.
Lend Lease posted a net profit of $227 million in the six months to 31 December 2010.
