India, Jan. 20 -- CIMIC Group Ltd. (LTH.DE), an engineering-led services, construction and natural resources company, on Tuesday, said it has completed a strategic partnership with Sojitz Corp. (2768.T), establishing a 50 50 joint ownership structure for UGL Transport.
Under the transaction, Sojitz acquired a 50% equity interest in UGL Transport, valuing the business at about A$800 million on a 100% basis, with CIMIC realising cash proceeds of approximately A$500 million.
CIMIC said it will retain full ownership of UGL's specialist engineering, industrial services and operations across energy, resources, infrastructure, defence, telecommunications and technology.
UGL Transport, a division of CIMIC subsidiary UGL, is an integrated transpo...