Leighton sells telecom assets
Engineering giant Leighton Holdings has announced the sale of the majority of its telecommunications assets to Canada based Ontario Teacher’s Pension Plan (OTPP).
The sale, which accounts for 70 per cent of the company’s telecommunication assets, include the Nextgen Networks, Metronode and Infoplex businesses.
Leighton Holdings’ Chief Executive Officer, Mr Hamish Tyrwhitt, said that he was pleased with the way the sale was progressing and the collaborative approach developed with OTPP.
“We have formed a very positive relationship during the sale process that augurs well for the future development of these telecommunications businesses. We look forward to continuing to work closely with Teachers’,” said Mr Tyrwhitt.
“Teachers’ is a sophisticated investor that will bring enhanced financial strength and access to capital. We have developed an ownership structure that is well positioned to maximize the growth potential of these telecommunications businesses.
“Leighton’s telecommunications businesses will remain Australian headquartered and managed with the existing management team remaining largely in place. As we move towards finalisation of the sale, our focus remains absolutely on servicing the needs of existing customers (v),” he said.