Downer EDI
(ASX:DOW) has signed a deal to acquire the construction, infrastructure and project management businesses of Hawkins in New Zealand.
Downer EDI has not revealed the purchase price. However, the company says the acquisition will be funded through existing debt facilities and be earnings accretive in its first year.
This transaction is expected to be completed on 31 March 2017.
Hawkins, which was founded 70 years ago, will continue to operate under its current brand.
Last month, Downer EDI posted an 8.5% rise in first-half profit to $78 million. The company also lifted its full year guidance to around $175 million.
