M&As this week: NRW Holdings, Spitfire Materials


NRW Holdings has reached an agreement to acquire Golding Group from private equity firm CHAMP Private Equity for A$85m ($67.09m).

NRW Holdings has arranged funds for the acquisition through an A$48m ($36.78m) acquisition term debt facility, an A$25m ($19.16m) equity placement and existing cash reserves.

The company has engaged Longreach Capital as its financial adviser and Corrs Chambers Westgarth as legal adviser for the acquisition. King & Wood Mallesons is acting as its legal adviser for the debt finance.

"The shareholders of Aphrodite Gold and Spitfire Materials will each hold 50% of Spitfire Materials, following the transaction."

Based in Australia, NRW Holdings provides civil construction and mining services, while Golding Group is a civil construction and mining services contracting company.

Mineral exploration company Spitfire Materials has signed a binding term sheet agreement to merge with Aphrodite Gold to form a diversified gold development company.

Aphrodite Gold is engaged in the exploration and development of the Aphrodite Gold Project in Kalgoorlie, Western Australia.

Spitfire Materials has agreed to acquire the entire issued capital of Aphrodite Gold, as part of the agreement. In exchange for the fully-paid ordinary shares, the shareholders of Aphrodite Gold will receive one new fully paid ordinary share of Spitfire Materials for every 2.9 shares held.

The shareholders of Aphrodite Gold and Spitfire Materials will each hold 50% of Spitfire Materials, following the transaction.

Spitfire Materials has engaged Hartleys as financial adviser and Steinepreis Paganin as legal adviser for the transaction. Aphrodite Gold has engaged GTP Legal as its legal adviser.

Both the companies involved in the transaction are based in Australia.