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Leighton Holdings Limited (ASX:LEI) has finalised the sale of its Pilbara iron ore business to BHP Billiton Limited (ASX:BHP) for $705 million.
Leighton announced in early August that it was selling its HWE iron ore entities and assets, that provide iron ore contract mining services to BHP in Western Australia.
The property developer says the deal is now done and estimates that the net pre-tax capital gain on sale will be $255 million, or $163 million after tax.
Leighton said earlier that the purchase price represents substantial value as the business was purchased out of administration in 2006.
The company has advised that it remains committed to the resources market and will continue to tender for opportunities in Australia, South East Asia, Mongolia and Southern Africa.
Leighton Holdings posted a net loss of $406 million in the 2011 financial year.
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