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ASX-listed construction companies Global Construction Services and SRG have agreed to terms for a merger between equals to create a new entity.
Firm: Ashurst (Global Construction Services Limited); Herbert Smith Freehills (SRG Limited).
Value: $320 million (approximate figure).
Area: Corporate, regulated M&A.
Key players: The Ashurst team was led by corporate transactions partners Antonella Pacitti and Roger Davies.
Deal significance: Speaking about the deal, GCS managing director Enzo Gullotti said the merger makes “complete sense” when one looks at the separate businesses side by side.
“In our discussions with SRG, there was clear alignment across strategy and culture,” he explained.
“We are very confident that the merger will create a strong group that will not only benefit our clients, but provide a superior return to shareholders.”
“We believe this is a case where one plus one equals three,” he said.
SRG managing director David Macgeorge added that he was very excited by what this merger means for both businesses going forward, noting that it provides a much stronger combined offering and greater scale.
“This significantly enhances our ability to partner with our key clients over the full lifecycle of an asset,” he said.
“Our goal now is to maximise the strength of the combined group to deliver growth across the business and continue the journey to becoming a leading global specialist engineering, construction and maintenance group.”
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Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
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Jerome Doraisamy
