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Italian builder Webuild agrees to buy Australia's Clough

Reuters
·1-min read

MILAN (Reuters) - Italian construction group Webuild has agreed to buy Australian rival Clough in a bid to strengthen its presence in that market and diversify its portfolio, it said in a statement on Tuesday.

The agreement, for which no financial details were disclosed, is conditional on a positive outcome of a due diligence Webuild is conducting on Clough.

As of end-June, Clough had an order backlog of around 2.1 billion euros ($2.10 billion) and ended the 2022 financial year with revenues of around 1 billion euros and no financial debt.

($1 = 0.9997 euros)

(Reporting by Agnieszka Flak, editing by Gianluca Semeraro)