In May 2001, the operations and maintenance division was spun-off and listed on the Australian Securities Exchange as Transfield Services with Transfield Holdings having a 45% shareholding. In December 2002, the construction business was sold to John Holland. In September 2014, Transfield Holdings sold its remaining shareholding in Transfield Services. In 2015, Transfield Holdings transformed from a private equity business into an investment holding company, managed by the respective family offices of Guido and Luca Belgiorno-Nettis. Major projects undertaken included: