Cardno acquired TGM Group
Professional infrastructure and environmental services consultancy, Cardno Limited (ASX:CDD) today announced that it has agreed to acquire TGM, a Victorian based 130-person engineering services firm specialising in the approval, design and completion of urban development, building and infrastructure projects.
On completion of the transaction, Cardno will pay up to AUD $21.6 million in cash for the purchase of TGM, with 20 per cent of the purchase price subject to achieving performance targets over the next two years. The acquisition will be funded by a combination of cash resources and financing facilities.
TGM is expected to contribute approximately AUD $23 million in revenue over the next twelve months. The acquisition will be immediately earnings per share accretive and has an effective date of 30 November 2018. Read more>
