Macmahon to snap up $60m pa QLD company

Company News

by Anna Napoli

Mining services company Macmahon Holdings (ASX:MAH) has inked a deal to buy TMM group.

TMM is a Brisbane based group of companies which provides civil construction and operations to the Queensland coal industry.

The takeover target generates $60 million dollars a year, a figure which McMahon is looking to grow.

The deal isn’t expected to have a material impact on its results for the 2018 financial year.

The purchase will give McMahon extra civil capability as well the ability to target site rehabilitation projects.

Shares in Macmahon Holdings (ASX:MAH) closed 2.17 per cent higher yesterday at $0.24.