Engineering company Monadelphous (ASX:MND) has entered into an agreement to acquire Perth-based high voltage services business High Energy Service, which generates more than $30 million of revenue annually.
Subject to satisfying conditions, Monadelphous will pay $21.5 million to acquire the company. The transaction is expected to be completed by July 2025.
Monadelphous, which has a market capitalisation of $1.53 billion, says the deal supports the company’s strategic efforts to expand its capabilities, alongside support the development and ongoing maintenance of the essential electricity generation, storage, and infrastructure needed for the nation’s energy transition.
High Energy Service provides specialist high voltage electrical maintenance and testing, projects and commissioning, and engineering to major resources companies throughout Western Australia, particularly within the iron ore sector. The business employs around 100 personnel.
Monadelphous is an Australian company that provides construction, maintenance, and industrial services to the resources, energy, and infrastructure sectors. The company is headquartered in Perth, Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: High Energy Service
