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Acrow secures regulatory clearance for AusGroup acquisition
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Acrow secures regulatory clearance for AusGroup acquisition

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  • The Australian Competition and Consumer Commission granted Phase 1 clearance for Acrow to acquire AusGroup Industrial Services.
  • Following the announcement, the Acrow share price was up at $0.94.
  • The company stated that the transaction will enhance its industrial services platform and expand operations into North Queensland.

Acrow (ASX:ACF) received Phase 1 clearance from the Australian Competition and Consumer Commission for its proposed purchase of AusGroup Industrial Services.

The regulatory approval satisfies a key merger control condition required prior to finalising the corporate transaction.

"As previously indicated, the acquisition of AGIS will enhance Acrow's Industrial Services platform, strengthen its presence in the key North Queensland resources and infrastructure markets and broaden the Group's service offering to customers across Australia," said Acrow CEO Steven Boland.

The transaction moves into a 14-day review period, with final completion anticipated to occur around Aug. 31.

Following the announcement, the Acrow share price was up at $0.94.

The business previously acquired the Prestons Superdeck business at the start of July.

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