Onsite sold to Sime Darby for $635m
Australian business-to-business equipment rental service provider Onsite has been sold to Sime Darby Allied Operations.
Firm: MinterEllison (Onsite Rental Group Limited)
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Deal: The sale of Onsite to Sime Darby, which was completed on 3 April 2023, involved the sale of the entire issued share capital of Onsite to Sime Darby for cash consideration of $635 million, Minters said in a statement, and is subject to customary adjustments for working capital, capital expenditure and stocktake.
Area: Merger and acquisition
Value: $635 million
Key players: The Minters team was led by partners Daniel Scotti and Nicole Sloggett, who were supported by Joshua Waters, Edward Elliott, Liam Tomlinson, and Michael Swain, as well as firm specialists in property, employment, planning, IP, IT and finance.
Deal significance: Mr Scotti said: “We congratulate the parties on achieving this milestone transaction in challenging economic conditions. The transaction demonstrates the resilience of the Australian market and the quality of Onsite’s business and management team.”
Ms Sloggett added: “We were pleased to support Onsite in achieving a great result in this transaction. The sale will help Onsite to expand its operations, access new markets and enhance its offering to accelerate growth and contract wins.”