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VINCI Construction has agreed to acquire Fletcher Construction, a division of New Zealand-based Fletcher Building Group, for NZ$315.6m.
"Fletcher Building's future lies in being a focused building products manufacturer and distributor," chief executive Andrew Reding says.
New Zealand's Fletcher Building said on Tuesday it will sell its construction division to a unit of French infrastructure firm VINCI SA for NZ$315.6 million ($182.76 million).