ASX-listed Perenti will book a A$64 million loss on the $100 million sale of its BTP equipment rental and parts sales business to a private consortium led by Hong Kong-based Cratus Group.
Contract mining and drilling major Perenti says it will receive $80 million upfront from Beetle Industries, described as an investment vehicle set up by the consortium, and $20 million after one year.
The deferred payment was not subject to any performance hurdles or conditions, Perenti said.
“The transaction reflects our continued focus on actively managing our portfolio and allocating capital to businesses aligned with our competitive strengths in a way that maximises the group’s total shareholder returns,” CEO Vanessa Torres said.
“While BTP’s performance has been impacted by market headwinds in recent years its team has remained committed and worked diligently to support the profitability of the business.
“We believe the new ownership structure will provide a strong platform for BTP to pursue future opportunities and long-term success.”
