Sources said the contractor is sticking with Barrenjoey, and a sales process is expected to launch in the coming months.
Downer EDI boss Peter Tompkins’ turnaround of the $3.16 billion company has had some early wins. Shares are up 37.6 per cent over the past year, first-half results managed to beat consensus, and it’sNow, the C-suite is ready to pick up asset sales once again., which makes mineral processing equipment used at mining sites across the world. The business is expected to be worth between $100 million and $200 million.
Readers will recall Barrenjoey’s Erin Tinker ran an auction for MinTech last year, but Downer pulled the plug around August, weeks after the company warned of a $550 million write-down and $386 million net loss for the 2023 financial year. MinTech was seen as non-core, as Downer sought to pivot towards soft services, and away from its heavy industrial roots underSources said Downer is sticking with Barrenjoey, and a process is expected to launch in the coming months.
However, they warned Downer still needs a strong June half and faces headwinds from state governments tightening their budgets. Lastly, it’s waiting to hear on Independent Commission Against Corruption’s enquiry into its tendering practices for NSW rail projects. Last year, Downer sold off its Australian Transport Projects business to Kuala Lumpur-listed engineering group Gamuda Berhad for $212 million enterprise valuation. In November, it sold its 45 per cent stake inhas co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.is a co-editor of the Street Talk column.
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