MACA Limited (ASX:MLD)
has entered into an agreement to acquire 75 percent Services South East Pty Limited, a privately owned road asset management and maintenance service provider operating in Victoria and South Australia.
The purchase price is approximately $1.35 million for 75 percent plus the assumption of 75 percent of Services South East’s existing debt facilities of $7.4 million.
The agreement includes the option to acquire the remaining 25 percent, together with arrangements to provide ongoing support to Services South East.
CEO Chris Tuckwell said SSE has 3 long term maintenance contracts and will add approximately $60 million of recurring civil maintenance work to MACA’s work in hand.
MACA recorded a net profit of $12.41 million at 31 December 2015.