Monadelphous is set to acquire Perth-based high-voltage services business, High Energy Service (HES).
Monadelphous will pay $21.5 million to acquire HES, followed by a purchase price adjustment in accordance with the final net working capital position at completion.
The agreement, which the company hopes to complete by July 2025, is subject to the satisfaction of conditions precedent usual in transactions of this nature.
Through the acquisition of HES, Monadelphous plans to support the development and ongoing maintenance of the essential electricity generation, storage and infrastructure.
HES offers specialist high-voltage electrical maintenance and testing, projects and commissioning, and engineering to major resources companies.
With operations throughout Western Australia, particularly in the iron ore sector, the company brings in more than $30 million of revenue per annum and employs over 100 personnel.
Monadelphous has over 50 years’ experience in maintenance and industrial services to the resources, energy and infrastructure sectors, with two main operating divisions, engineering construction and maintenance and industrial services.
In other news, in January 2025, Monadelphous landed two new construction and maintenance contracts with major miner, Rio Tinto.
The first includes the replacement of Rio’s ammonium nitrate storage facility at the Brockman 4 iron ore mine, with works expected to be completed in the first half of 2026.
The second contract is set to provide water management works across Rio’s mining operations in the Pilbara region of WA.
The Rio contracts will generate approximately $150 million in revenue and strengthen Monadelphous’ relationship with Rio.
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