Fletcher Building has announced a binding agreement to sell its Construction Division to Vinci Construction, a major international construction group, for $NZ315.6 million (approximately $271.85 million). The purchase price could increase by up to $NZ18.5 million, contingent on the final outcome of negotiations for a small number of key contracts currently underway. This would bring the total enterprise value of the transaction to $NZ334.1 million.
The transaction involves the sale of Fletcher Construction Holdings, along with its three New Zealand business units: Higgins, Brian Perry Civil, and Fletcher Construction Major Projects. Fletcher Building is a New Zealand-based company focused on construction, building products, and distribution. Vinci Construction is a global player in construction and related services.
The sale excludes Fletcher Construction’s South Pacific operations. These operations are being addressed separately as part of Fletcher Building’s broader strategic review process. The company aims to streamline operations and refocus on core activities.
Completion of the sale to Vinci Construction is anticipated before the end of 2026, marking a significant step in Fletcher Building’s strategic realignment. The deal is subject to customary closing conditions and regulatory approvals.
