Sime Darby's indirect unit acquires Australian Caterpillar dealer for RM1.49bil

KUALA LUMPUR: Sime Darby Bhd's indirect wholly-owned subsidiary Sime Darby Industrial Australia Pty Ltd has inked a A$500mil (RM1.49bil) cash deal to acquire Cavpower Group, which is a distributor of Caterpillar Inc equipment in South Australia and Broken Hill in New South Wales.

The group said in a filing with Bursa Malaysia its unit has entered into a share sale agreement to acquire the entire share capital of Kuxton Pty Ltd and 98.9% share capital of Kagera Pty Ltd on a cash-free and debt-free basis, subject to customary adjustments for working capital, capital expenditure and stocktake.