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Georgiou Group has announced that the company has entered advanced negotiations for the proposed acquisition of Georgiou Group by STRABAG Group.
This potential strategic partnership will offer Georgiou Group, employees, and the Australian construction industry tremendous opportunities. The agreement is still subject to STRABAG receiving approval by Australia’s Foreign Investment Review Board.
“By joining the STRABAG Group, Georgiou will benefit from being part of a large, sophisticated multi-national organisation through increased financial backing and access to proven technical capability, experience and assets that extend beyond our current resources,” Gary Georgiou, Chief Executive Officer of Georgiou Group says.
“This expansion of capability offers immense value and opportunity not only for Georgiou as a commercial entity, but also for our people and the Australian construction industry as a whole.”
The decision to enter negotiations with STRABAG was made after careful consideration of Georgiou Group’s future and the potential benefits this acquisition could bring to employees, clients and partners while ensuring Georgiou’s values and vision are upheld.
“The founding shareholders, my father Spiro (Peter) who has recently passed, and my mother Agnoula (Anna) Georgiou, have always been passionate about Georgiou Group. The company’s success, including the success of employees, is incredibly important to all of us,” John Georgiou, Executive Chairman of Georgiou Group, says.
“The potential partnership with STRABAG would accelerate Georgiou’s growth and capability, whilst also bolstering the vision and values that Georgiou is built on. As a Family we agreed on the direction, Spiro was aware and supportive of the acquisition by STRABAG,” shared John Georgiou.
Georgiou and STRABAG share many common values which STRABAG’s Chief Executive Officer, Klemens Haselsteiner, feels makes the partnership a perfect fit.
“We share an appreciation for teamwork, effective risk management, the right balance between operating business and central functions and high standards of services,” Haselsteiner noted.
“What we have here are two family businesses that are growing together, and as we learn from each other, I am convinced that we will become even stronger than before.”
As one of Europe’s largest construction companies, STRABAG has 86,000 employees globally and generates an annual output volume of approximately €19 billion. The company’s commitment to ‘Work on progress’ is evidenced by their ambitious innovation and sustainability initiatives. STRABAG delivers services along the entire construction value chain including design and planning, construction, property and facility services and operations and demolition.
As we move forward with this agreement, we emphasise that it is business as usual for Georgiou Group. Our focus is maintaining stability and continuity during this period, both for our people, and to ensure we continue to deliver outstanding outcomes for our clients and partners.
Source: Georgiou Group
Image Source: Georgiou Group
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