Clough divests 'non-core' assets

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Construction and engineering group Clough has concluded a deal to sell some of its non-core assets to PT Indika Energy.

As part of the AUD$129 million deal, Clough will transfer its 82 per cent stake in PT Petrosea to the Indonesian firm as it looks to reposition itself towards the gas and oil market.

Considering the geographical distances between the companies, advisors from both firms could have used a secure, online virtual data room to swiftly perform due diligence.

Chief executive of the Australian firm, John Smith, said: "We believe that Clough is best-served by divesting non-core assets and focusing our attention and resources on our core markets.

"By releasing funds through this sale Clough is an excellent position to accelerate its oil and gas growth strategy with current market conditions proving favourable for acquisition."

Staying in Australia, Brisbane-based environmental technologies developer Pacific Enviromin has struck a deal to acquire the wastewater solutions firm Filtek.