Leighton sells John Holland to Chinese construction giant

Leighton Holdings has announced the sale of its John Holland subsidiary to a Chinese state-owned construction firm for about $950 million.

The proposed takeover by the China Communications Construction Company (CCCC) will be subject to the federal government’s approval.

The company is listed on the Shanghai and Hong Kong stock exchanges with shareholders including HSBC and Blackrock. 

CCCC plans to keep the John Holland brand and retain the senior management among its 4,000 plus staff.

“This is a momentous step for our company," CCCC president Lu Jianzhong said in a statement.

"We believe there are very significant growth opportunities in the Australian market, and clearly in the proposed acquisition of John Holland, we are recognising the strong leadership and strong performance of the business.”