Fletcher Building agreed to sell 50% of its Fiji construction business to Fiji National Provident Fund and Fijian for approximately NZ$20 million ($18.5 million) in cash.
The transaction values the business, comprising Fletcher Construction and Higgins operations, at about NZ$40 million ($36.9 million).
The company anticipates a non-cash impairment of around NZ$15 million ($13.8 million).
Completion is expected in late June or early July, pending Fijian regulatory approvals.