PERTH: Perenti Ltd. has agreed to sell its equipment rental and parts business, BTP, to Beetle Industries Pty Ltd. for $100 million, the mining services company announced Friday.
The transaction, structured as a share sale, includes an $80 million cash payment at closing and a deferred $20 million payment due 12 months later. The deferred amount carries no performance conditions. The sale is expected to close by the end of October, pending the buyer’s finalization of debt financing and standard third-party consents.
Beetle Industries is an investment vehicle backed by a private consortium led by Cratus Group, which operates in resources, logistics and infrastructure across Australia, Asia and Singapore. The buyer plans to fund the acquisition through a combination of debt from a major Australian bank, equity and shareholder loans.
Perenti will record a non-cash loss of about $64 million in its fiscal 2026 accounts as a result of the divestment. The company said the sale aligns with its strategy to streamline operations and direct capital toward higher-return opportunities.
“Following a strategic review of our portfolio, we have agreed to divest our parts and equipment hire business,” Managing Director and CEO Vanessa Torres said in a statement. “The transaction reflects our continued focus on actively managing our portfolio and allocating capital to businesses aligned with our competitive strengths in a way that maximizes the group’s total shareholder returns.”
Torres added that while BTP has faced market headwinds in recent years, the new ownership structure would provide a stronger platform for the business’s long-term growth.
Chief Financial Officer Michael Ellis said the proceeds would provide flexibility to reinvest in recent contract wins, including projects at Bellevue Gold in Australia and Fourmile in the U.S., as well as support the company’s tender pipeline and other inorganic opportunities.
Perenti is an Australian mining services company listed on the ASX under the ticker PRN.
