Spanish construction company ACS has agreed to sell the transport business of its Australian subsidiary UGL to Japanese company Sojitz Corporation for more than €560 million ($650 million), Spanish newspaper El Economista reported on Monday, citing sources familiar with the talks.

ACS declined to comment, while Sojitz did not immediately respond to a request for comment.

The deal is expected to close before the end of this year or early 2026, subject to regulatory approvals, according to the newspaper.

ACS's Australian subsidiary, CIMIC Group, hired Macquarie Capital earlier this year to explore the sale of its UGL transport business, El Economista added.

(Reporting by Corina Pons; editing by Emelia Sithole-Matarise; Spanish editing by Jorge Ollero Castela)