Monadelphous Group to acquire BMC

Engineering company, Monadelphous Group Limited (ASX:MND) has entered into an agreement to acquire BMC, a Victorian-based mechanical and electrical services business that specializes in high voltage and instrumentation installation, calibration, and maintenance services across various industries such as power, petrochemicals, mining, pulp and paper, oil and gas, and renewables, generating around AU$60 million in revenue annually.

The acquisition supports Monadelphous' strategic efforts to expand its presence in the east coast energy market and strengthens its position in the offshore oil and gas decommissioning sector. Monadelphous will make an initial cash payment of AU$22 million for the acquisition, with a purchase price adjustment based on the final net working capital at completion. The transaction is expected to be completed before the end of the current fiscal year. This move aligns with Monadelphous' goal of supporting Australia's transition to clean energy and further establishes the company as a leading maintenance services provider in the region.

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