ASX-listed integrator, UXC Group (ASX: UXC) has entered into an agreement with investment and advisory firm, Cashel House, to buy its Field Solutions Group business.
This includes all the business and assets of Utility Asset Management, Skilltech Consulting Services, Infrastructure Constructions, UXC Metering and Fieldforce Services.
The agreement is conditional on final finance approval.
Indicative finance approvals have already been attained and more details on the transaction will be revealed once it has been obtained.
The UXC Board has accepted the offer, which UXC stated was within the financial terms expected for the Field Solutions Group, and represents fair value.
“The joint commitment of UXC and Cashel House to concluding the transaction is very strong and both parties are using their best endeavours to achieve completion,” UXC non-executive chairman, Geoff Lord, said.
In August UXC stated several lines of business were closed due to major issues in the environmental area of the Field Solutions Group, including the collapse of the market price for Renewable Energy Certificates, the cancellation and abrupt revision of several government programs in the environmental sector, and the constant downsizing of supporting facilities and infrastructure.
UXC managing director, Cris Nicolli, said the deal was a major step forward in the execution of its strategic plan. In January the company announced plans to merge its IT businesses.
“Coupled with the restructuring and simplification plans recently announced within the IT Group, we are on the verge of achieving some key deliverables that will place the company in a potentially strong market position,” Nicolli said.