LONDON (Alliance News) - Solid fuels and bulk material logistics company Hargreaves Services PLC on Monday said it has agreed to acquire bulk earthmoving and civil engineering group CA Blackwell Group Ltd for GBP11.9 million.
Hargreaves will pay GBP8.5 million in cash for the company, along with the transfer of a property to CA Blackwell shareholders with a market value of GBP3.4 million.
Blackwell operates in the earthmoving and civil engineering sector, along with some mining and quarrying services contracts. Hargreaves said its operations are highly complementary to its existing business.
"The acquisition of Blackwell extends the reach of Hargreaves into the UK earthworks and civil engineering sector bringing further diversification to the group and offering an attractive return on capital," said Hargreaves Chief Executive Gordon Banham.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Hargreaves Serv (HSP)