CIMIC Group Limited (ASX:CIM) has announced the acquisition of an additional 10% equity interest in Thiess, one of the leading global mining service providers, from funds advised by Elliott Advisors (UK) Ltd. This strategic move boosts CIMIC’s ownership stake to 60%, marking a significant step in its efforts to strengthen governance and deepen its commodities portfolio, particularly in sectors crucial to the global energy transition.
The acquisition, valued at A$320 million, is expected to have a positive impact on CIMIC’s credit ratings and will allow the company to fully consolidate Thiess into its financial accounts. “Increasing our ownership of Thiess strengthens CIMIC’s business profile as we expand our commodities portfolio to include metals and minerals critical to the world’s shift to zero emissions and develop services that enable sustainable mining,” said Juan Santamaria, CIMIC Group Executive Chairman.
Thiess, renowned for its diversified mining services, boasts more than 15,000 employees and operates across over 60 projects in regions including Australia, Asia, and the Americas. The company, which reported a revenue of A$5.9 billion in 2023, has been instrumental in providing sustainable solutions in open cut and underground mining, asset management, and more.
The transaction follows CIMIC’s initial sale of a 50% stake in Thiess to Elliott in 2020, which included a put option back to CIMIC exercisable between January 2024 and December 2026. With the latest development, the remaining put option for the 40% stake will be exercisable between April 2025 and December 2026.
CIMIC’s expanded influence over Thiess is part of its broader mission to generate sustainable returns through innovative, competitive solutions for clients while ensuring safe, fulfilling careers for its employees. The group is known for its comprehensive capabilities spanning construction, mining, services, and public-private partnerships, supported by a rich history dating back to 1899.
CIMIC’s shares are listed on the ASX and are traded under the stock code ‘CIM’. The ASX home branch is Sydney, Australia. Subsidiaries, CIMIC Finance (USA) Pty Limited and CIMIC Finance Limited, have notes on issue which are listed on the Singapore Exchange.
