Nov 28, 2019

NRW Holdings absorbs BGC Contracting in $310m deal

NRW Holdings absorbs BGC Contracting in $310m deal

NRW Holdings has sealed a deal to acquire 100 per cent of BGC Contracting at a cost of $310 million.

The company is preparing an institutional placement to raise $120 million as part of the move, in addition to a share purchase plan capped at $10 million.

The aquisition cost includes $116.4 million in cah for the equity of BGC Contracting and $193.6 million of debt related to asset finance.

BGC Contracting provides services to the resources, energy and infrastructure sectors across three core businesses: mining, construction and DIAB Engineering.

NRW Holdings stable of mining and civil contracting services also includes drill and blast service provider Action Drill & Blast and Queensland-based Golding Group which it snapped up in 2017 for $85 million.

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