Currie & Brown confirmed today that it has agreed to sell its consultancy interest in Australia to AMEC, as part of a continued strategic re-structuring of its global activities.
The deal, worth AU$36.4m, frees up funds for Currie & Brown’s international activities, particularly where expansion is underway in markets including India and the United States.
The group will continue to be very active in the international energy sector in the UK, Europe, Americas and Middle East and Asia.
“This deal is an important one for the Group, principally because it provides funds for our continued expansion in key markets,” commented Group chief executive Euan McEwan.
“Historically, our activities in Australia have been through an Australian registered Company with local directors, dating back some years. After a thorough review we and our fellow directors decided that disposal would be the best option for all concerned,” he added.
Negotiations with AMEC began in late 2009 and reached a quick conclusion. Currie & Brown International Limited co-owned the Australian business, Currie & Brown (Australian) Pty Ltd., alongside local management.
Currie & Brown has entered the latest phase of a strategic move into built asset management, working for a range of clients in key markets worldwide. The company reported last year that its international business – including the Americas, Middle East, India and Japan – was experiencing significant growth, and accounts for half of its overall business.
Energy consulting remains an important part of that business in each key market, embracing oil and gas, renewables and nuclear power.
“We have significant commitments in these sectors worldwide. For example, the recent re-structuring of our UK business has included the creation of a key market sector group covering energy and infrastructure,” added Euan McEwan.