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Allens Arthur Robinson is advising ASX-listed integrated engineering company RCR Tomlinson Ltd on the acquisition of AE&E, the Australian subsidiary of failed Austrian company A-Tec.
Allens Arthur Robinson is advising ASX-listed integrated engineering company RCR Tomlinson Ltd on the acquisition of AE&E, the Australian subsidiary of failed Austrian company A-Tec.
The deal will give the engineering company a foothold in the power and steam generation project market.
RCR Energy has not disclosed the value of the transaction but said it would be funded from existing cash holdings.
RCR Energy is to acquire the business and nominated assets of AE&E, which is an international provider of thermal power generation and environmental technologies systems.
A&E and its predecessor companies, Alstom Australia, Babcock Australia and ABB, have been in Australia and Southeast Asia for more than 100 years.
"With the acquisition, of AE&E Australia, RCR now holds all the major steam cycle and boiler technologies and licences necessary to deliver the majority of power and steam generation projects in Australia," the company said in a statement.
The acquisition also includes AE&E's energy service and maintenance business, which will merge into RCR's Energy service business. RCR Energy will not be acquiring any of AE&E's project liabilities.
Allens Arthur Robinson partner Campbell Davidson, who is leading the Allens team on the matter, said Allens appreciates the opportunity to work with the RCR Tomlinson team on this strategic acquisition.
"On completion of this deal, RCR Energy will have significantly broadened the range of energy technologies that it can offer to its customers," he said.
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