.
Monadelphous Group Limited (ASX:MND) has purchased a leading supplier of water infrastructure solutions in Australia and New Zealand.
The deal to buy Water Infrastructure Group or WI Group will give Monadelphous the ability to expand in the water market and provide opportunities in the infrastructure maintenance sector.
WI Group has excellent existing long term relationships with councils, utilities and the private sector and employs approximately 120 people.
The business has an average turnover of $60 million, Monadelphous will make an initial cash payment of $6 million with the transaction to complete by the end of February 2015.
The acquisitions will start having a material impact on Monadelphous revenue in the 2016 financial year.
Monadelphous Group Limited (ASX:MND) had a full year net profit of $147 million for the year ended 30 June 2014.
(20min delay)