NRW Holdings has marked the completion of its acquisition of BGC Contracting with a name change.
The Len Buckeridge-founded company will be called NRW Contracting.
This decision is in line with the terms of the sale agreement.
NRW managing director Jules Pemberton welcomed the completion of the transaction, along with BGC’s 2300 strong workforce who will be joining NRW today.
“We look forward to leveraging our many years of combined experience, to position NRW as a provider of choice across the sectors in which we operate,” Pemberton said.
“With the broader capabilities acquired through BGC Contracting, NRW has built a stronger platform that differentiates us from our competitors and allows us to meet the evolving needs of clients in the future.”
This acquisition is expected to support NRW’s mining technologies business with specialist industrial engineering, shutdown maintenance and fabrication services.
NRW and BGC Contracting have a combined order book of around $1.5 billion, including $700 million scheduled in the 2020 financial year.
The acquiring company has kept its share purchase plan open to eligible shareholders until January 2 next year to help fund the $116.4 million acquisition.
NRW caps the share purchase plan at $10 million, where shareholders can acquire up to $15,000 worth of fully paid ordinary shares at $2.85 a share in the company without any brokerage charges.
NRW has also secured contract bonding through bank facilities and surety providers to support the transaction.
This acquisition gave BGC Contracting an enterprise value of $310 million.