SINGAPORE: Infrastructure services company, Ventia has signed an agreement with Ferrovial S.A. to purchase Broadspectrum, subject to standard conditions and regulatory approvals.

The acquisition is for an equity value of A$485 million. Ventia has fully committed financing for the transaction through existing funding and acquisition debt finance. The acquisition is expected to close in 2020.

Broadspectrum (formerly Transfield Services) was founded in Australia in 1956, while Ventia combines more than 30 years of industry knowledge and was created by the merger of Leighton Contractors Services, Thiess Services and Visionstream in 2015.

Ventia’s Executive Chairman Mr. David Moffatt said: “Ventia and Broadspectrum are complementary infrastructure services businesses offering a variety of operational and maintenance services, to a wide range of private sector and government clients and their customers.”

The combined group is expected to generate revenue in excess of A$5 billion.

Ventia is one of the largest essential services providers in Australia and New Zealand. Ventia was created in 2015 following the merger of Leighton Contractors Services division, Thiess Services and Visionstream. In 2020, Ventia grew to combine more than 50 years’ of industry knowledge and experience with the acquisition of Broadspectrum (formerly Transfield Services).