Leighton Holdings Limited (ASX:LEI)
has inked a $1.15 billion deal to divest its John Holland arm.
The construction and engineering company’s contracting division has been snapped up by China Communications Construction Company.
CEO Marcelino Fernández Verdes says the divestment represents progress in strengthening its balance sheet, streamlining the operating model and improving project delivery.
The sale still remains subject to approval by the Foreign Investment Review Board.
Leighton Holdings reported a net profit of $285 million in the first half of the 2014 calendar year.