BESIX Watpac, which is part of a joint venture in final negotiations to build Brisbane's Olympic 63,000-seat stadium, was announced on Thursday as the winner of the tender.
The company was in a two-horse race with a construction group headed by Italian firm WeBuild.
"We are on the cusp of billions of dollars of investment and thousands of jobs. Something every Tasmanian can be truly proud of," Premier Jeremy Rockliff said on social media.
Concerns had been raised about the credentials of WeBuild after it came to light the company was facing charges over alleged workplace safety breaches in NSW.
Construction of the 23,000-seat roofed venue on Hobart's waterfront was a condition of the Devils being granted licences to enter the AFL and AFLW in 2028.
The stadium is expected to be ready for the 2031 season and currently carries a price tag of $1.13 billion.
Opponents have raised concerns the final figure will be higher by the time a final contract with BESIX Watpac is signed by the end of the year.
Tasmania's parliament in May passed a motion calling on the government to release updated costings, but it refused citing the ongoing tender process.
The stadium, which was approved in late 2025 by a tight vote in parliament, has proven deeply divisive with the state facing rising budget debt.
The government says it will abide by a promise to cap its contribution at $875 million. Tthe federal government is chipping in $240 million and the AFL $15 million.
BESIX Watpac recently completed a 30,000-seat roofed stadium in Christchurch, New Zealand at a cost of $650 million, which was under budget.
The company also delivered the 25,000-seat Queensland Country Bank Stadium in Townsville, which is used by the North Queensland Cowboys in the NRL.
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