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Ventia has been notified by the Foreign Investment Review Board (FIRB) that the Australian Government has no objection to Ventia’s proposed acquisition of Broadspectrum.
Under the terms of the agreement with Ferrovial, completion of the acquisition is expected to occur on 30 June 2020.
Ventia’s Chairman, Mr. David Moffatt, said: “We look forward to an exciting future for our combined organisation. Our two businesses are highly complementary, and together, we will provide a broader, deeper and more compelling infrastructure services offering to our clients across Australia and New Zealand.”
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 transaction, financed through existing funding and acquisition debt finance, was announced on 23 December 2019.
The combined group is expected to generate revenue in excess of A$5 billion.
Read the ASX/Media Release below.