UNITED Group is set to pay $477 million for United States based property management company Unicco Service Company.
United is rapidly expanding its property management arm, where in the past it was traditional known as a transport and engineering firm.
Last year, United bought another US based facilities manager Equis Corp for $163 million.
Unicco has more than 1,000 customers with 18,000 employees and provides facilities management services.
Unicco is expected to deliver a fiscal 2008 revenue of $US770 million ($A900 million) and earnings before interest, tax, depreciation and amortisation of $US41.5 million ($A48.5 million).
“The acquisition fits with our strategy of growing our global property services model and partnering with leading blue chip customers and government departments,” United’s chief executive Richard Leupen said.
The new acquisition will be funded through an institutional placement of $281 million, and new and existing debt facilities.
In addition, United expects to deliver a full year profit of $90 million compared to last year’s $78.7 million profit.
Australian Property Journal
