MCCONNELL Dowell, the Australian arm of South African company Aveng, has sold subsidiary company Electrix to French infrastructure and electrical services firm Vinci Energies.
Electrix, a utility, resources and infrastructure contracting business, provides end-to-end services to the transmission, distribution, generation, commercial, industrial, gas, water, transport and telecommunications sectors.
McConnell Dowell said Vinci was committed to growing the business into the future, with chief executive David Robinson saying the sale would position his company well for its next phase of growth.
“We remain focused on the delivery of complex infrastructure projects in our traditional markets, and continuing to grow in Asia by leveraging off our strong base and long history in that region,” he said.
The transaction remains subject to standard completion conditions but is expected to be finalised by 31 October 2014, the company added.
McConnell Dowell did not put a value on the transaction, but South Africa’s Independent Online put the sale figure at R1.4 billion.