Sonicwall Market Segment Skin 160x1200

Sonicwall Market Segment Skin 160x1200

iTWire TV 705x108notfunny

Monday, 19 October 2020 11:13

CIMIC inks deal to sell equity share in Thiess

By

Australian-listed engineering-led construction and mining services group CIMIC has entered into a sale agreement with UK funds manager Elliott Advisors under which Elliott will acquire a 50% equity interest in mining services provider Thiess, with CIMIC retaining the other 50% equity interest.

Thiess is included in CIMIC’s Mining and Mineral Processing segment with CIMIC company Sedgman, a provider of minerals processing and associated infrastructure solutions to the global resources industry. CIMIC will retain 100% of Sedgman, generating A$400 million of annualised revenues with normalised profit before tax margins of around 10%.

CIMIC Group Executive Chairman Marcelino Fernández Verdes said: “The sale agreement reflects Thiess’ ongoing strategic importance as a core activity for CIMIC.”

“It capitalises on the robust outlook for the mining sector and, together with Elliott, we will pursue market opportunities in line with Thiess’ growth and diversification strategy.”

Under the deal, CIMIC and Elliott will jointly control Thiess in accordance with a shareholders’ agreement which contains governance arrangements as well as Thiess’ financial and dividend policies.

CIMIC lists other highlights of the deal as:

  • The transaction includes customary future share transfer options including a potential initial public offering or sale to a third party, and an option for Elliott to sell its interest in Thiess to CIMIC between three and six years from completion
  • Exercise of Elliott’s option would enable CIMIC to potentially repurchase the interest now being acquired by Elliott at the lower of today’s sale price or fair market value at that point in time, and benefits from a guarantee from CIMIC’s majority shareholder HOCHTIEF
  • Completion under the agreement is subject to customary conditions, including financing and relevant regulatory approval
  • The price for Elliott’s 50% equity interest in Thiess implies an enterprise valuation of approximately A$4.3 billion (based on 100% of Thiess), subject to certain adjustments
  • The transaction will strengthen CIMIC’s balance sheet by generating cash proceeds on completion of A$1.7 to A$1.9 billion as well as reducing CIMIC’s factoring balance by approximately A$700 million and CIMIC’s lease liability balance by approximately A$500 million
  • The transaction is expected to generate a pre-tax gain for CIMIC of around A$2.2 billion, and a post-tax gain of around A$1.4 billion, subject to certain adjustments
  • CIMIC will retain a strategic interest in its core mining operations while maintaining a balanced and diversified business portfolio
Read 1518 times

Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here
BACK TO LATEST NEWS here

SONICWALL 2022 CYBER THREAT REPORT

The past year has seen a meteoric rise in ransomware incidents worldwide.

Over the past 12 months, SonicWall Capture Labs threat researchers have diligently tracked the meteoric rise in cyberattacks, as well as trends and activity across all threat vectors, including:

Ransomware
Cryptojacking
Encrypted threats
IoT malware
Zero-day attacks and more

These exclusive findings are now available via the 2022 SonicWall Cyber Threat Report, which ensures SMBs, government agencies, enterprises and other organizations have the actionable threat intelligence needed to combat the rising tide of cybercrime.

Click the button below to get the report.

GET REPORT!

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinars and campaigns and assistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

BACK TO HOME PAGE
Staff Writers

Our Staff Writers and Guest Writers contribute content to iTWire each day and they are available asset to the team. If you want to be a staff writer please contact us.

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments