Austrian contractor Strabag has agreed a €140m deal to buy all the shares in Australian civil engineer Georgiou Group.
The takeover approved by Strabag’s supervisory board on 17 December will give the Viennese company the ability to bid for civils projects in Australia, with an emphasis on road building and road maintenance.
Strabag issued a statement saying the purchases would be financed through the company’s “cash and cash equivalents”. The transaction is expected to close in the first quarter of 2025.
Speaking after talks began on 28 November, Gary Georgiou, the chief executive of the Western Australian company, said the deal would be a “tremendous opportunity”.
He added that his family business would benefit from “being part of a large, sophisticated multinational organisation through increased financial backing and access to proven technical capability”.
Georgiou’s management team will remain in place after the deal is finalised.
Strabag is the largest construction business in Austria, with 86,000 employees and a turnover of about €19bn. It works on design and planning, construction, and facilities management.
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