STRABAG SE pursues market entry in Australia with acquisition of Georgiou Group Pty Ltd
27 November 2024
- Entry into Australian market planned through acquisition of Australian construction company
- Finalisation of share deal framework
- Approval pending from STRABAG SE Supervisory Board and Australia’s Foreign Investment Review Board (FIRB)
STRABAG SE is pursuing entry into the Australian market through acquisition of Georgiou Family Pty Ltd. (“Georgiou”), a leading building and civil construction company, and has reached an agreement with the sellers on the main terms of a share deal.
STRABAG plans to acquire 100% of the shares in Perth-based Georgiou, which generates an annual output of around € 790 million, effective retroactively from 30 June 2024. The purchase price, which has yet to be finalised, will be in the low three-digit million euro range. The transaction will be financed through existing cash and cash equivalents.
The acquisition remains subject to the final signing of the purchase and transfer agreement and is pending approval from the Supervisory Board of STRABAG SE and other regulatory bodies, in particular the Foreign Investment Review Board (FIRB), the Australian government’s advisory body on foreign investments.
Georgiou’s experienced management team, which possesses extensive expertise and experience in the Australian market, will remain with the company following its acquisition.
