CARDNO TAKES ON SYDNEY SURVEY COMPANY
13 November 2012,
International infrastructure services group, Cardno Limited (ASX: CDD) has acquired Sydney survey firm Hard & Forester.
Hard & Forester has been in operation since 1982 and is one of the largest surveying practices in New South Wales with 24 survey parties.
Cardno Hard & Forester, as the business will be known, will add revenues of around $9 million per annum, according to Cardno managing director Andrew Buckley (pictured).
Buckley says the acquisition will assist the company in expanding its survey capabilities.
“Acquiring Hard & Forester increases our exposure to work in the infrastructure markets of New South Wales,” he says.
The acquisition will be funded by an approximate mix of 75 per cent cash and 25 per cent shares. Around 250,000 shares will be issued at a price of $7.82769. The cash component will be funded from available cash reserves.