Kaefer Integrated Services Pty Ltd executed an agreement to acquire G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd from DRA Global Limited (ASX:DRA) for AUD 8 million on July 29, 2022. The sale price is subject to adjustments including in respect of employee entitlement balances transferred at completion, restoration estimates on leased properties transferred, and no material change to the condition and existence of relevant plant and equipment. The sale comprises certain key contracts, assets and liabilities of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd. Under the terms of the agreement, Kaefer Integrated Services will offer continued employment to the majority of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd employees.

The transaction was approved by the Board of Directors of DRA Global Limited. The sale is subject to customary conditions precedent: execution of a transitional services agreement; novation of key contracts; Kaefer Integrated Services receiving approval for key regulatory licenses held by G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd and replacement of existing financial guarantees or other financial securities. The transaction is expected to complete before the end of the September 2022 quarter. Net proceeds from the sale will be applied to the funding of remaining net working capital and to reduce the residual liabilities of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd. Ernst & Young Australia acted as financial and tax due diligence provider to Kaefer Integrated Services Pty Ltd.

Kaefer Integrated Services Pty Ltd completed the acqusition of G&S Engineering Services Pty Ltd and G&S Support Services Pty Ltd from DRA Global Limited (ASX:DRA) on September 10, 2022. This transaction was completed with all conditions precedent met, along with agreement and execution of a transitional services agreement (‘TSA') between G&S and KAEFER.