(Correcting the currency to GBP.)
Kier Group PLC - Manchester, England-based construction firm - Agrees to acquire substantially all the rail assets from Buckingham Group Contracting Ltd and their High Speed Two contract supplying Kier's HS2 joint venture, EKFB, for a total consideration of GBP9.6 million in cash. Says: "Given its modest size, the board does not believe this acquisition will materially impact the group's forecasts for [financial] 2024, nor its year end or average net cash position."
Kier Chief Executive Officer Andrew Davies says: "We have previously stated that we would consider value accretive acquisitions in core markets where there is potential to accelerate the medium-term value creation plan. This acquisition is one such example - it is an excellent strategic fit and accelerates our rail strategy, providing work with new rail clients and increasing our capabilities. I am delighted to welcome our new employees, clients and suppliers to Kier."
Current stock price: 84.00 pence
12-month change: up 19%
By Greg Rosenvinge, Alliance News reporter
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Kier (KIE)