Fletcher Building to sell Rocla Quarry Products business to Hanson

Fletcher Building Ltd has entered into a conditional agreement to sell the operations of Rocla Quarry Products (RQP) to Hanson Construction Materials in a transaction valued at approximately AUD203m (US$149m).
 
Fletcher Building will continue to own and operate RQP until completion of the transaction, which is expected to be by the end of January 2016.
 
The transaction is conditional upon a number of matters, including clearance from Australian Competition and Consumer Commission. Upon completion, Fletcher Building expects to record a pre-tax profit of approximately AUD100m, reflecting the gain on sale of assets, partly offset by transaction costs and adjustments to asset carrying values.
 
Credit Suisse and First NZ Capital are acting as financial advisors to Fletcher Building, Ashurst is acting as legal advisor.