CIMIC Group has acquired the remaining interest in Thiess Group, returning the global mining services business to full ownership.
CIMIC has acquired the remaining interest in Thiess for A$1.18 billion. The acquisition follows CIMIC’s sale of Thiess into a joint venture in 2020.
ACS Group and HOCHTIEF Chief Executive Officer and CIMIC Group Executive Chairman Juan Santamaría said:
“Thiess is a high performing business with long term contracts, strong cash flow generation and a clear strategy aligned to the evolving needs of the resources sector.”
“Thiess is continuing to grow and diversify its commodities and services to support the energy transition. It is also pioneering new ways of working through advanced equipment and technology to enhance safety, productivity and operational performance.”
“Returning Thiess to full ownership supports CIMIC’s long term portfolio objectives and provides greater strategic flexibility.”
Since 2020, Thiess has continued to rebalance its portfolio, expanding its presence in metals, critical minerals, underground mining, asset management and rehabilitation services.
Thiess will continue to operate as a global mining services business within the CIMIC Group. There is no change to its client commitments, people focus or safety priorities.
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