The sale is in line with Lane’s strategy to focus on large, complex civil infrastructure projects in the United States.
“We are really happy to close by the scheduled time a transaction that allows us to withdraw from a non-core sector for Lane and focus on areas where the group has built its business model, in particular large infrastructure projects, in sectors like transport, water and tunnelling, in line with our global growth strategy,” said Pietro Salini, chief executive of Salini Impregilo. “The transaction also allows us to create value from a financial perspective, generating $555 million in cash. The sale of this asset helps us to turn Lane into our North American hub for large, complex infrastructure in all sectors.”
The United States is the single biggest market by revenue for the group. So far this year, it has produced more than US$3.1bn in new orders, acquired and to be finalised, with a more than 30% increase in the backlog from the previous year.