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Australian Construction Firm Acquires Rental Company
Australian construction company Global Construction Services has obtained a 75 percent ownership stake in Coast Hire, a southwest Australia-based rental company, for AU$4.5 million (about U.S. $3.6 million). GCS plans to acquire the remaining 25 percent in the future at a price to be arranged, subject to the company’s earnings performance.
GCS said the acquisition would be earnings accretive in the first full year under its ownership. GCS said the acquisition was debt funded.
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