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Cardno Announces Acquisition of TGM Group Pty

06 Dec 2018  |  16:54:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Cardno Announces Acquisition of TGM Group Pty Ltd

Cardno 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. The Company updated that it will pay up to A$21.6m 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. As reported, TGM is expected to contribute A$23m in revenue over the next twelve months. The Company further updated that the acquisition will be immediately EPS accretive and has an effective date of 30 November 2018.

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