Austrian contractor Strabag has agreed a €140m deal to purchase all of the shares in Australian civil engineer Georgiou Group.
The takeover accepted by Strabag’s supervisory board on 17 December will give the Viennese firm the flexibility to bid for civils initiatives in Australia, with an emphasis on street constructing and street upkeep.
Strabag issued an announcement saying the purchases can be financed via the corporate’s “money and money equivalents”. The transaction is anticipated to shut within the first quarter of 2025.
Talking after talks started on 28 November, Gary Georgiou, the chief govt of the Western Australian firm, stated the deal can be a “large alternative”.
He added that his household enterprise would profit from “being half of a giant, refined multinational organisation via elevated monetary backing and entry to confirmed technical functionality”.
Georgiou’s administration staff will stay in place after the deal is finalised.
Strabag is the most important building enterprise in Austria, with 86,000 workers and a turnover of about €19bn. It really works on design and planning, building, and services administration.
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