Ferrovial reaches 59% of Broadspectrum

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Ferrovial reaches 59% of Broadspectrum

Ferrovial, the global operator of services and infrastructure, has announced that it has received acceptances of its offer and acceptance instructions under the Institutional Acceptance Facility for 59,26% of Broadspectrum shares. The offer will therefore become unconditional.

The acquisition supports Ferrovial Services’ entry into the Australian market by integrating a leading services company with a significant platform across various segments. Broadspectrum operates in Australia and other countries like USA, Canada and Chile in the energy, mining, telecommunications, social, property, defence and infrastructure maintenance markets.

Given that Ferrovial’s voting power in Broadspectrum now exceeds 50%, the offer period has been automatically extended until 7.00pm (Sydney time) on Friday, 13 May 2016.

Ferrovial must obtain at least 90% of acceptances during the offer period to compulsorily acquire all shares in Broadspectrum and de-list the company. Ferrovial believes that the offer of A$1.50 (US$1.14) in cash, which has been recommended by the Board of Directors of Broadspectrum, is very attractive and encourages the remaining shareholders to accept.

We have recently reported about another acquisition of Ferrovial. The company, through its subsidiary Webber, acquired Texan company Pepper Lawson Construction. This company is specialized in water infrastructure and commercial construction in the North American market. Pepper Lawson’s annual revenues amount US$200 million and it has a workforce of over 250 people.

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