Shares in Skilled Group Limited
(ASX:SKE) surged to one of yesterday’s best performers after inking a $33.5 million deal to expand its maintenance services business.
The labour hire and recruitment company has agreeing to buy the majority of its competitor Thomas and Coffey Limited
(ASX:THO) through acquiring its T & C Services unit.
The unit provides maintenance and asset management services to the manufacturing, mining, heavy industry and utilities sectors in New South Wales and Queensland.
While the sale is still subject to conditions Thomas and Coffey have backed the deal and Skilled Group expects to finalise the transaction by the end of January 2014.
Shares in Skilled Group surged 6.71 per cent on Tuesday, ending the session of $3.66.
Skilled Group reported net profit of $56.2 million in the 2013 financial year.
