Ventia, a 50:50 investment partnership with Cimic (ASX:CIM), signs an agreement to buy Broadspectrum

Company News

by Rachael Jones

Last Movement
$34.480 -$0.431 -1.23%
Data Source:
Last Updated: 21/01/2020 1:57 PM

Infrastructure services company, Ventia, a 50:50 investment partnership with Cimic (ASX:CIM) has signed an agreement with Ferrovial S.A. to purchase Broadspectrum.

Broadspectrum, formerly Transfield Services, was founded in Australia in 1956, while Ventia combines more than 30 years of industry knowledge and was created by the merger of Leighton Contractors Services, Thiess Services and Visionstream in 2015.

The combined group is expected to generate revenue in excess of A$5 billion. The acquisition is for an equity value of $485 million.

Shares in Cimic (ASX:CIM) closed 1.76 per cent lower at $33.99 yesterday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.