BGC (Australia) Pty Ltd (“BGCA”), Western Australia’s largest homebuilder, is pleased to announce it has completed the sale of its wholly owned subsidiary, BGC Contracting Pty Ltd (BGCC) to NRW Holdings Limited (“NRW”, ASX:NWH) for an enterprise value of $310 million, equity value of $116.4 million.
The sale is a culmination of a competitive process managed by Macquarie Capital (Australia) Limited, as announced by BGCA in February 2019.
BGC CEO Daniel Cooper acknowledged the commitment and understanding of BGCC’s workforce and clients during the sale process.
“We expect the combination of BGCC and NRW will create improved capabilities that deliver benefits to BGCC’s existing customers, as well as increased opportunities for BGCC’s staff.” he said.
“We are pleased with the strong level of interest in BGC Contracting and with the outcome achieved for all our stakeholders.”
The sale of BGCC follows that of the BGC Centre to Red Hill partners, which finalised in October. The Aloft Perth was sold to Hiap Hoe Ltd and the Westin to YTL Hotels earlier this year.
“The successful completion of these transactions has placed BGC in an even stronger financial position. We remain focused on the Group’s core, vertically-integrated building materials and construction businesses, and further cementing our position as Western Australia’s leading homebuilder.” Mr Cooper said.