Perenti (ASX:PRN) has agreed to sell its equipment rental and parts business BTP Group to a private consortium for $100 million.
The buyer, Beetle Industries, is an investment vehicle led by Cratus Group, which operates across Australia, Indonesia, China, Hong Kong, and Singapore in resources, logistics, and infrastructure supply.
Perenti will receive $80 million in cash at completion, plus a deferred payment of $20 million due 12 months later. The deferred payment carries no performance conditions.
Managing Director and Chief Executive Vanessa Torres says the transaction reflects the company’s focus on actively managing its portfolio.
“Following a strategic review of our portfolio, we have agreed to divest our parts and equipment hire business,” Torres notes.
“The transaction reflects our continued focus on actively managing our portfolio and allocating capital to businesses aligned with our competitive strengths in a way that maximises the Group’s total shareholder returns.”
The divestment aligns with Perenti’s strategy to optimise its portfolio and allocate capital to higher-returning opportunities. The company will recognise a non-cash loss of approximately $64 million in its FY26 accounts as a result of the transaction.
Completion is expected by the end of October 2026, pending customary conditions.
Perenti is a diversified global mining services group, with operations spanning contract mining, drilling, and technology solutions across four continents.
Write to JC Villarba at Mining.com.au
Images: Perenti
