The net sale price amounted to AUD$1.060 billion (US$1.060 billion) said Bilfinger Berger, Germany's second largest construction company, in a statement.
"The transaction is subject to approval from the Australian antitrust authorities and completion is expected in the first quarter of 2011," the statement added.
The German firm will have to repay an intra-company loan of €125 million to Valemus.
"The sale of Valemus Australia, which will generate an output volume of over €3 billion in 2010, is a significant step for Bilfinger Berger in the reduction of the company's construction business as planned," said the firm.
Bilfinger said it would reinvest the proceeds in its services business, such as running airports.