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https://www.afr .com/street-talk/nrw-holdings-anointed-preferred-bidder-in-bgc-contracting-auction-20191104-p5372c

“STREET TALK
NRW Holdings 'preferred bidder' in BGC Contracting auction
Sarah Thompson, Anthony Macdonald and Tim Boyd
Nov 4, 2019 — 6.25am


ASX-listed NRW Holdings is poised to acquire Perth-based mining and construction contractor BGC Contracting.
Street Talk understands NRW, which has a market cap of $850 million and made $1.13 billion revenue last financial year, secured "preferred bidder" status in the Macquarie Capital-run auction on Friday.

Investors are expected to support NRW boss Jules Pemberton's latest acquisition given the Perth-based civil and mining contractor's track record. Photo Bohdan Warchomij

NRW was competing against fellow listed company Emeco in the auction, which saw the pair submit final proposals to Macquarie late last month.
Sources said NRW was considering a range of funding options, including an equity raising.
The Jules Pemberton-led company will no doubt tell shareholders it has a strong track record of value-accretive acquisitions, including Queensland contractor Golding in 2017 and RCR Tomlinson’s mining and heat treatment divisions earlier this year...”