Leighton Holdings Limited (ASX:LEI)has inked a deal to divest a majority stake in its telecommunication assets to Ontario Teachers' Pension Plan.
The construction company will offload 70 per cent its phone and internet assets including its Nextgen Networks, Metronode and Infoplex businesses.
Leighton says the deal has potential to create further value as it will retain about 30 per cent of the businesses and access to the upside value created by the new ownership structure.
The telecommunications businesses will remain Australian headquartered when the transaction is finalised around the middle of this year.
Leighton Holdings posted a net profit of $442 million in the 2012 calendar year.
LEI Price at posting:
$20.77 Sentiment: None Disclosure: Held
