The acquisition of Georgiou Group by STRABAG has received Foreign Investment Review Board (FIRB) approval and the final purchase agreement has been signed.
The final purchase price, equivalent to around € 140 million, will be financed through the company’s existing cash and cash equivalents. The transaction is expected to close in the first quarter of 2025.
Georgiou CEO, Gary Georgiou shared “This is an exciting milestone in the history of the Georgiou Group, and I would like to acknowledge the leadership and legacy of our founder Spiro Georgiou who fostered a culture and company which I am incredibly proud to lead into its next chapter.”
John Georgiou will continue in his current position as Executive Chairman of the Georgiou Group Board of Directors. Having previously led Georgiou as the CEO for over 20-years, John will continue to be a key member of the business and provide strategic leadership during this transition.
“We are optimistic for the future and the opportunities the acquisition presents our business, staff and the wider industry. Enabling Georgiou to expand into new markets and strengthen existing capabilities.”
“As we move forward with this agreement, I would like to 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.”
Georgiou Group’s Executive Team remains in place and will continue to drive the strategic direction and business success within the Australian market.
Source: Georgiou Group
Source: STRABAG
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