Belmont-based GenusPlus Group has announced plans to broaden its portfolio.
Infrastructure services provider GenusPlus Group has filed documents to acquire MGC Holdings for up to $20 million.
David Riches-led GenusPlus told the market on Thursday that, as part of the transaction, it would pay an upfront cash consideration of $10.25 million for the privately owned company. In addition, there was the potential for an additional $10.5 million worth of contingency-based payments between the 2025 and 2027 calendar years.
The contingency-based payments may be in cash, or a 75:25 cash to scrip split. MGC’s principals Chris Newton and Mark Byrne will remain running the company, while all staff will receive continued employment under the GenusPlus umbrella.
It is expected the transaction will be finalised by the end of the month.
Mr Riches said the acquisition of Western Australia-based MGC, which focused on providing safety critical rail systems, would aid GenusPlus’s push into the sector.
“MGC provides Genus with an entry into the significant rail sector through a company which provides highly specialised services for tier-one customers,” he said.
“The transaction will allow MGC and Genus to provide a better service to our customers through the highly complementary skillsets of the two teams in design and engineering, electrical and comms.
“We are very excited to leverage the complementary service offering, customer base, and expertise of the team, to continue to drive growth of the business.”
Thursday's market update is the latest of a series of acquisitions made by GenusPlus during the 2025 financial year.
GenusPlus last traded at $2.74, as of 1.08pm AWST.
