VINCI Construction agreed on 20 January to acquire Fletcher Construction, the contracting arm of New Zealand's Fletcher Building, for at least NZ$315.6m.
Why VINCI Construction is buying Fletcher Construction
VINCI said the deal would make it a major player in New Zealand's infrastructure market, adding to HEB Construction, SOL and Wharehine. Fletcher chief executive Andrew Reding said the group's future lay in being a focused building products manufacturer and distributor, and that the sale would simplify the portfolio and reduce debt.
Deal terms and financing
The price could rise by NZ$18.5m to NZ$334.1m depending on contracts still being negotiated, subject to working capital and net debt adjustments. Fletcher retained legacy construction contracts, for which it expected to provide NZ$55m to NZ$65m, and potential liability over the NZ International Convention Centre.
Regulatory approvals and timing
The deal was binding but subject to approvals from the Overseas Investment Office and the Commerce Commission. Fletcher Building and VINCI both announced completion on 29 May 2026.
Market context
Founded in 1909, Fletcher Construction employs more than 2,300 people and generates annual revenue of about NZ$1.3bn (€630m), with expertise in water, marine, port, airport, rail and road works. VINCI's New Zealand revenue exceeded €830m in 2025.
