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Ventia closes Broadspectrum acquisition

07 Jul 2020 2:05 PM | Sonia Harvey (Administrator)

VENTIA HOLDINGS will rebrand subsidiary Broadspectum after it acquired the company from Ferrovial for A$485 million, a deal that closed last week.

Ventia's acquisition of Broadspectrum - a major contractor in the oil and gas and renewables sector - was approved by the Australian Competition and Consumer Commission in April. The deal was first announced in December last year.

Broadspectrum will soon be known as Ventia, joining its parent company, which is itself a 50-50 joint venture between construction giant CIMIC and Apollo Global Management.

The company holds service contracts for BP's Kwinana refinery, Shell's QCLNG venture and with Inpex for the Ichthys LNG project in the Northern Territory.

Broadspectrum also owns Easternwell, a major drilling contractor in Australia.

The combined group was expected to generate revenue in excess of A$5 billion when it was first announced, however the COVID-19 pandemic and oil price crash may affect this.

CIMIC, the 50% owner of Ventia, also owns service business UGL - another major oil and gas contractor - which it acquired through a hostile takeover about four years ago. 

The acquisition of Broadspectrum gives CIMIC, through Ventia, an even bigger slice of the services business. 

Source: Energy News Bulletin

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