Shares in mid-cap engineering services contractor SRG Global rose 21.5% to $2.49 in afternoon trade after the company agreed to acquire marine infrastructure group TAMS for $85 million in a cash-scrip deal.
SRG Global will fund the purchase with $57.3 million from existing cash and debt facilities and issue $27.7 million in shares to the vendors at $1.99 per share. TAMS brings $600 million in work in hand across ports, resources, energy, transport, water and defence, alongside a $3 billion opportunity pipeline.
“The combined group brings together two highly complementary businesses that provide significant cross selling opportunities with existing and new clients,” SRG told investors.
SRG managing director David Macgeorge said the transaction is expected to be materially accretive: “TAMS is a significant and highly attractive acquisition with FY26 pro forma earnings per share accretion of circa 25 per cent pre any synergies or cross selling opportunities and brings a capital light investment profile…,” he said.
The deal positions SRG Global to broaden its marine capabilities and deepen exposure to critical growth markets.