Perenti agrees to divest BTP Group for $100M

• Perenti agreed to sell its BTP business to Beetle Industries for $100 million in total consideration.
• The transaction is expected to result in a non-cash loss of approximately $64 million in the FY26 financial accounts.
• The company stated that the divestment aligns with its strategy to optimise its portfolio and allocate capital towards higher-returning opportunities.

Perenti (ASX:PRN) entered into a share sale agreement to divest its equipment rental and parts sales business, BTP, to Beetle Industries for $100 million.

Under the terms of the agreement, the company will receive an initial cash payment of $80 million upon completion alongside a deferred payment of $20 million due 12 months later.

"The proceeds from the sale of BTP provide additional flexibility to recycle capital into opportunities that exceed our performance hurdles. In the short term, this includes supporting the recent contract wins at Bellevue Gold in Australia and Fourmile in the USA," said Perenti Managing Director & CEO Vanessa Torres.

The buyer stated that it intends to fund the acquisition using a debt facility from a major Australian bank alongside equity and shareholder loans.

Completion is expected to occur by the end of October once funding arrangements are finalised and necessary third-party consents are obtained.

Following the announcement, the Perenti share price was unchanged at $2.44.

The company stated that the proceeds from the sale will provide additional flexibility to support contract wins and its active tender pipeline.