Congratulations to GenusPlus Group (ASX:GNP) on agreeing the acquisition of MPC Kinetic (MPK) for up to $400m and completing a capital raising of $200m.

MPK is a leading provider of gas gathering and well maintenance services in the QLD onshore gas sector and provider of construction services for renewable energy and major pipeline projects in Australia. The acquisition of MPK provides strategic diversification for Genus into the attractive gas and water sector and accelerates Genus’ strategy to become the leading provider of critical infrastructure services across Australia. The acquisition adds MPK’s capabilities in pipelines and civils to Genus’ existing electrical capabilities. The acquisition is highly earnings accretive to Genus shareholders.

Genus also completed a $200m capital raise via a placement to existing institutional and sophisticated investors to partly fund the acquisition.

Sternship Advisers is pleased to have acted as corporate adviser to GenusPlus on the acquisition of MPK. Gilbert + Tobin acted as legal adviser, RSM Australia provided financial and tax due diligence services, Leeuwin Capital Partners acted as debt adviser and WTW arranged W&I insurance. Bell Potter Securities and Euroz Hartleys Limited acted as joint lead managers to the capital raise.