CIMIC Sells Down 50% Stake in Thiess
CIMIC Group has today announced that it has sold down 50% of Thiess mining services through Elliot Advisors (UK). The stake is valued at between $1.7-$1.9bn giving the Thiess entity an enterprise value of around $4.3bn. Thiess operates mining both open cut and underground globally and has annual revenues in excess of $4bn.
The sale comes as CIMIC tries to realign itself in the wake of ongoing major infrastructure project issues and a need to rebuild its balance sheet following its abandoning the controversial ‘reverse-factoring’ program.