(RTTNews) - CIMIC Group Ltd. (LTH.DE), an engineering-led services, construction and natural resources company, on Tuesday, said it has completed a strategic partnership with Sojitz Corp. (2768.T), establishing a 50 50 joint ownership structure for UGL Transport.
Under the transaction, Sojitz acquired a 50% equity interest in UGL Transport, valuing the business at about A$800 million on a 100% basis, with CIMIC realising cash proceeds of approximately A$500 million.
CIMIC said it will retain full ownership of UGL's specialist engineering, industrial services and operations across energy, resources, infrastructure, defence, telecommunications and technology.
UGL Transport, a division of CIMIC subsidiary UGL, is an integrated transport services provider operating across Australia and New Zealand, with an estimated 2025 revenue of A$1.1 billion.
The company is expected to expand its service offering and pursue growth opportunities, including in the Asia-Pacific region.
Sojitz is currently trading 1.81% lesser at JPY 5,919 on the Tokyo Stock Exchange.
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