PRESS RELEASE: Macmahon stated that the acquisition of TMM will provide it with additional civil capability that is expected to be an enabler to core mining work through contracts for initial site earthworks and construction services, as well as the ability to target site rehabilitation projects.
TMM’s current revenue is in the order of A$60 million (US$47 million) per annum, but Macmahon will seek to rapidly grow the business by pursuing opportunities across Australia. The acquisition is not expected to have a material impact on Macmahon’s results for the 2018 financial year.
The purchase agreement is subject to a standard range of conditions precent which are expected to be satisfied in the near future. The vendors of TMM Group will remain involved with the business for at least three years from completion of the transaction.