Downer EDI Limited (Downer) today announced it had reached an agreement to sell its Australian Transport Projects business to a subsidiary of Malaysian engineering and construction company Gamuda Berhad for an enterprise value of $212 million.
The sale is subject to Foreign Investment Review Board approval and other customary conditions, and is expected to be completed before 30 June 2023.
Downer's Chief Executive Officer, Grant Fenn, said the sale is part of Downer's focus on enhancing its portfolio and delivering value for shareholders.
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