2nd Jul 2015 08:25
LONDON (Alliance News) - FTSE 250-listed ground engineering company Keller Group PLC on Thursday said it has struck a deal to buy Australian piling and civil construction services company Austral Construction Pty Ltd.
Keller will pay an initial cash consideration of AUD42 million for Austral, with a further AUD20 million due dependent on Austral's earnings through to 2018.
Keller said the deal will boost its near-shore marine work book in Australia.
"Austral is a well-run company with good prospects in its own right. The combination with Keller's existing marine business in Australia gives a truly national footprint and enhances the group's ability to compete for large complex projects," said Alain Michaelis, Keller's chief executive.
Keller shares were up 1.8% to 1,041.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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