Daily Roundup

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Vanguard Announces ETF Distribution Details

Vanguard Investments Australia has shared the final distribution amounts and timetable for its range of Australian Exchange Traded Funds (ETFs). Unitholders can expect distributions to be paid on 16 April 2025, with the ex-distribution date set for 1 April and the record date on 2 April. The Distribution Reinvestment Plan is available for all Vanguard ETFs, and investors are advised to ensure their bank details are up-to-date with the registrar, Computershare, ahead of the record date.

Environmental Group Expands into Industrial Boilers

In a strategic move, Environmental Group Limited (EGL) has agreed to acquire Advanced Boilers & Combustion Pty Ltd for $5.5 million. Advanced is a leading Australian industrial boiler service and manufacturing business, and this acquisition will significantly expand EGL's sales and service offerings in the boiler industry. Advanced's expertise in areas like fabrication, boiler fit-out, and control panels will complement EGL Energy's existing capabilities. The transaction is expected to be earnings accretive, with Advanced reporting FY24 revenue of $16 million and EBITDA of $1.6 million.

WT Financial Enters Joint Venture to Support Advice Practices

WT Financial Group has formed a 50/50 joint venture with Merchant Wealth Partners, a New York-based financial advice investor. The new entity, WTL & MWP Investco, will invest in and support the growth of Australian financial advice practices, both within WT Financial's existing networks and through potential external acquisitions. The partnership aims to empower practices to innovate and scale, combining WT Financial's local expertise with Merchant's global experience and capital.

Whitehaven Completes 30% Stake Sale in Blackwater Mine

Whitehaven Coal has finalized the sell-down of a 30% stake in its Blackwater metallurgical coal mine. The company has received $1.08 billion in aggregate cash, with Nippon Steel acquiring 20% and JFE Steel taking 10%. Whitehaven has formed a joint venture with the two Japanese steel giants, effective 1 April 2025. CEO Paul Flynn expressed excitement about the partnership, which recognizes the long-term value of Blackwater's high-quality metallurgical coal.

SCEE Expands into Fire Safety with Force Fire Acquisition

Southern Cross Electrical Engineering (SCEE) has executed an agreement to acquire 100% of Force Fire Holdings, a leading provider of fire safety solutions in New South Wales and Queensland. The $53.5 million transaction will see SCEE add fire safety capabilities as a natural adjacency to its core electrical expertise. The acquisition is expected to be at least 18% earnings per share accretive in FY25, with Force Fire forecasted to contribute $8.3 million in EBIT. SCEE sees the deal as a platform for further growth and consolidation in the fragmented fire safety sector.