Ventia completes acquisition of major asset management company

Boral has announced it will sell its US Block business for $156 million to focus on its construction materials business in Australia.Major maintenance and asset management company Ventia has completed its acquisition of Broadspectrum, from Ferrovial S.A.

Broadspectrum is a management company that designs, funds, constructs, operates, and maintains major projects and infrastructure assets across diverse industries.

The combined group is expected to generate in excess of $5 billion.

In a statement Venita said, our future together begins with the announcement of a name change. Broadspectrum, along with our telecommunications business Visionstream, will be rebranded Ventia in the coming months.

Both businesses have a history of providing essential infrastructure services in Australia and New Zealand.

Ventia’s Chairman, Mr. David Moffatt, said this transaction brings together two highly complementary businesses, each with a proud heritage of providing essential infrastructure services.

“As one company, we offer our corporate and government clients a broader, deeper platform of experience and capabilities. Our clients will also benefit directly from our scale and increased investment in innovation and technology.”

Broadspectrum (formerly Transfield Services) was founded in Australia in 1956, while Ventia combines more than 30 years of industry knowledge and was created by the merger of Leighton Contractors Services, Thiess Services and Visionstream in 2015.

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