Service Stream (SSM.AX), a network services company said Monday it has agreed to acquire Queensland-based high-voltage electrical and instrumentation firm, RIE Group, for an initial A$6.5 million, with potential additional payments of up to A$1.5 million.
RIE Group operates in the oil and gas, power generation and renewable sectors across the Surat Basin, Darling Downs and Gladstone regions.
The business generates revenue of about A$13 million a year and employs between 60 and 120 staff at peak periods.
The initial payment of A$6.5 million is subject to working capital adjustments at completion. Up to A$1.5 million more may be paid if RIE exceeds a minimum financial performance threshold for fiscal 2027.
"The acquisition reflects a strategic addition to our growing utility operations at a time when the energy transition is providing increasing opportunities", Managing Director, Leigh Mackender, said.
Service Stream said the purchase would enhance its capabilities and expand its geographical presence. The deal is expected to close in or around August 2026.
On the ASX, shares of Service Stream closed Monday's trading 0.87 percent lower at A$2.2800
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