One of Western Australia’s biggest home builders has completed the sale of its subsidiary, BGC Contracting, to NRW Holdings for $310 million.
BGC Australia completed the sale, which had an enterprise value of $310 million and equity value of $116.4 million, and is the culmination of a process managed by Macquarie Capital.
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.”
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The news follows the sale of the BGC Centre to Red Hill partners, which was finalised in October 2019. 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,” Cooper said.
“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.”