Acciona invests $262 million to acquire Australian engineering and construction company
15 Mar 2017
Spain’s Acciona has announced in a press release, plans to invest approximately A$262 million to acquire Australian engineering and construction group, Geotech. The acquisition helps expand Acciona’s presence in Australia and paves the way for future infrastructure development.
Geotech brings a strong history of experience in mid-sized projects in Australia, with established local networks and technical capabilities that have cemented the company as a high-valued subcontractor in large projects such as railway works.
Chairman and CEO of Acciona, José Manuel Entrecanales, said the integration of Geotech marks a step change in Acciona’s growth plans in Australia and South East Asia.
‘The deal effectively doubles Acciona’s Australian offering, strongly positioning the combined group of over 1,000 employees for major transport infrastructure projects across the region.’
‘Acciona and Geotech have complementary technical and geographical strengths. The integration of our two companies will allow us to become a leading, diversified contractor in the Australia Pacific region with genuine Australian roots,’ Mr Entrecanales said.
Over the past four years the two family-run businesses have worked together on various projects. Their landmark agreement creates a strong foundation to address the demand for infrastructure in Australia, forecast to be worth A$125 billion over the next decade.
Acciona is a global infrastructure and renewable energy project leader. Since 2002, the company has invested A$680 million in its Australian operations and employs more than 500 people in its renewable energy, infrastructure and water projects across the country.
Geotech Group is a recognised nation-wide engineering construction company and since 1972 has been specialising in the fields of ground engineering, rail infrastructure, civil infrastructure and industrial construction projects. The company employs 550 local staff, with offices in Sydney, Brisbane, Adelaide and Perth.