Fletcher Building Limited (ASX: FBU) has confirmed that the sale of its Construction Division to VINCI Construction, the construction arm of the VINCI Group, is now unconditional. This pivotal announcement signifies that all conditions precedent for the transaction have been satisfied, clearing the path for its imminent completion. The formal completion of the sale is scheduled for 29 May 2026. Fletcher Building Limited is a prominent New Zealand-based entity involved in the manufacture and distribution of building materials, alongside undertaking diverse construction and infrastructure projects throughout Australia and New Zealand.
The company’s update also detailed an adjustment to the purchase price for the divested Construction Division. The previously signalled figure of $315.6 million has been increased to approximately $334 million. This upward revision stems from the successful signing by Higgins Contractors, a key operational unit within the Construction Division, of several significant new agreements. These include the East Waikato, Bay of Plenty, and Hawkes Bay Integrated Delivery Contracts.
As is standard for transactions of this nature, the final purchase price remains subject to customary working capital and net debt adjustments that will be finalised prior to the transaction’s close. The unconditional status provides certainty for both parties and for the market regarding this strategic divestment. This move is part of Fletcher Building’s ongoing portfolio management. The market release regarding these developments was authorised by Haydn Wong, Company Secretary.
