Ventia has signed an agreement to purchase Broadspectrum

Ventia has signed an agreement with Ferrovial S.A. to purchase Broadspectrum. 

This agreement is subject to standard conditions and regulatory approvals.

David Moffatt, Ventia's Executive Chairman says when complete, the transaction will combine two successful organisations. 

Ventia and Broadspectrum are complementary infrastructure services businesses offering a variety of operational and maintenance services, to a wide range of private sector and government clients and their customers", said David. 

The combined group is expected to generate revenue in excess of A$5 billion. The acquisition is for an equity value of $485 million.

Until the deal is closed, Ventia and Broadspectrum remain separate companies.

The acquisition is expected to close in 2020.

Watch the short video of Ventia's Executive Chairman David Moffatt to learn more. 

Read the ASX/Media release below.