Monadelphous enters agreement to acquire Kerman Contracting

• Monadelphous enters agreement to acquire Western Australian business Kerman Contracting
• Kerman specialises in design and construction of non-process infrastructure, bulk storage and materials handling facilities
• Acquisition supports Monadelphous' growth strategy and strengthens its non-process infrastructure capability

Monadelphous Group Limited (ASX: MND) has announced it has entered into an agreement to acquire Western Australian based Kerman Contracting, subject to the satisfaction of conditions precedent usual in transactions of this nature. Kerman specialises in the design and construction of non-process infrastructure, bulk storage and materials handling facilities for some of Australia's largest companies in the resources, agriculture and transport and port infrastructure sectors. Kerman has a longstanding reputation for strong delivery and has operated as a trusted family-owned and operated business since its establishment in 1981. The business has averaged approximately $100 million of revenue per annum over recent years. The acquisition of Kerman supports Monadelphous' growth strategy, strengthening its non-process infrastructure capability for the delivery of large-scale projects with resources sector customers, and growing its service offering in other sectors. The purchase consideration will comprise an issue of Monadelphous shares to the value of $15 million, in addition to a cash payment equivalent to the net cash of the business. The Company expects the transaction to be completed by the end of calendar 2025.