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.