GERMAN construction and engineering group Bilfinger Berger will sell its Australian assets under a share offer that may be worth up to $1.5 billion.
Bilfinger Berger Australia (BBA) confirmed its German parent, Bilfinger Berger AG (BBAG), would establish BBA as a stand-alone entity and reduce its ownership.
In November, BBAG signalled the sale of its Australian operations after it decided to focus on its core property services business in Europe.
BBAG will sell BBA via an initial public offer of shares, expected by the end of the financial year.
A BBAG spokesperson was unable to provide further details, saying advisers for the float of BBA were still to be appointed.
BBA's operations include construction and infrastructure companies Abigroup and Baulderstone, and Bilfinger Berger Services, which provides engineering, asset management and maintenance services in the water, gas, electricity, mining, industrial and transport sectors.
''We have a diverse and balanced revenue mix based on our varied capabilities and the scale of work in hand across our three operating companies,'' BBA chief executive Peter Brecht said.
''We believe BBA is well positioned as infrastructure spending increases and the market continues to improve.''
