Western Australia based SRG Global has snapped up Probuild arm WBHO Infrastructure for $15.2 million.
The deal was announced one business day since an expressions of interest campaign for the entity closed.
It will see about 275 WBHOI staff retained.
About another 15 based in Queensland will be employed on contracts.
Prebuild is also for sale, after being handed with WBHOI to administrator Deloitte by its South African parent Wilson Bayly Holmes-Ovcon Limited last month.
Last week we reported Sydney developer Roberts Co was in due diligence to buy the majority of Melbourne projects in the failed builder’s book.
Deal in line with growth strategy: SRG
WBHOI has a number of long-term, blue-chip clients across the transport, resources, water, agriculture, waste, renewables and aviation sectors, an SRG statement said (story continues below).
“SRG Global and WBHO Infrastructure have a long and successful history of working together on several joint venture projects, most recently the award-winning Ocean Reef/Wanneroo Road Interchange,” it added.
“The acquisition will be complementary to SRG Global’s existing operations, expanding its asset management, civil maintenance and construction capabilities, as well as ensuring the ongoing employment for WBHO Infrastructure’s Western Australian workforce”.
SRG managing director David Macgeorge said the deal will cause minimal disruption to both businesses and clients.
“The acquisition will be funded through existing cash and equipment finance facilities and is firmly aligned with the growth and leadership phase of our strategy,” he added.
“We believe it will be Earnings Per Share accretive from day one, making it fundamentally low risk in its profile, delivering value for SRG Global shareholders,” according to the executive.
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