The companies have entered into a binding agreement which will see Atlas also acquire the existing employees and leadership team of Lendlease’s construction arm.

Completion of this deal, subject to regulatory approvals, is being targeted for before the end of the Australian financial year in June 2025.

Key contract terms remain commercial in confidence until completion of the deal.

Lendlease’s UK construction business was founded in 1885 as Bovis Construction and acquired by Sydney-headquartered Lendlease in 1999.

“This transaction builds on our progress to simplify Lendlease as we look to lower our risk profile and increase securityholder returns,” said Lendlease Group CEO Tony Lombardo.

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“It also represents a positive outcome for our talented people and our valued customers and clients, marking a new chapter under the ownership of Atlas.”

Atlas, which was founded in 2002, has holdings in 26 companies around the world, generating combined revenues of approximately $16bn annually.

“We are excited to acquire one of the UK’s leading construction companies, which has a long track record of successfully delivering large complex projects for both private and public sector clients,” said Atlas operating partner Peter Bacon.

“We look forward to working with David Cadiot [Lendlease managing director of construction - Europe] and his team continuing to build the business.”