Worley (ASX:WOR) increases stake in TW Power Services

Company News

by Rachael Jones

Worley (ASX:WOR) has acquired Ferrovial’s 50 per cent shareholding of TW Power Services for a cash consideration of $20 million, increasing its stake to 100 per cent.

The company is an operations and maintenancebusiness providing services to support critical power infrastructure across Australia, New Zealand and South East Asia.

They are experienced across a range of power technologies including solar, wind, hydro and thermal power.

Approximately one third of Australian power generation capacity is supported by TWPS. TWPS also operates, monitors and maintains gas pipeline assets.

Shares in Worley (ASX:WOR) are trading 3.1 per cent higher at $8.77.