Bilfinger Berger completes sale of Valemus Australia


March 10, 2011

Bilfinger Berger completes sale of Valemus Australia

Bilfinger Berger has completed the sale of its subsidiary, Valemus Australia. All shares in the company have been acquired by Lend Lease, an Australian construction and real-estate group. The purchase agreement was signed in December 2010 and the Australian anti-trust authority approved the transaction at the beginning of March 2011.

The purchase price amounts to AUD 1,067 million, net proceeds for Bilfinger Berger, after deducting transaction-related expenses, are approx. AUD 970 million. This corresponds to approx. €700 million. Following repayment of a loan to Valemus Australia, Bilfinger Berger's net cash position increased by over €500 million in March 2011. The capital gain in the magnitude of €160 million will be recognized in earnings in the first quarter of 2011.

With the sale of Valemus Australia, Bilfinger Berger has completed a major step in the re-dimensioning of its construction business. The net cash inflow from the sale together with existing leverage potential give the Group considerable financial scope to invest in the further expansion of its services activities.