Global Construction Services
(ASX:GCS) has completed the acquisition of Summit Formwork (Aust) Pty Ltd and Summit Investment Service Pty Ltd.
The construction engineering company purchased the Melbourne based Summit business and its assets for an initial consideration of $12.9 million.
$7.4 million was paid in upfront cash and the remaining $5.5 million is subject to a cash-earn out arrangement, based on achieving EBITDA targets over the next three years.
Global Construction Services says the purchase will grow the company beyond the Western Australian market and increase its commercial construction exposure in the east coast of Australia.
Shares in Global Construction Services
(ASX:GCS) traded 3.77% higher yesterday to 55 cents.
