ENGINEERING company Monadelphous Group announced it has concluded the purchase agreement with Water Infrastructure (WI) Group to acquire the contracts and net assets of its design, build and maintain business.

In a statement, Monadelphous said WI Group will provide Monadelphous with strong capability in water design solutions.

It has well established customer relationships with councils, utilities and the private sector and supports the company’s long term market growth strategy through the diversification of revenue sources, Monadelphous said.

Monadelphous managing director Rob Velletri said the new business would expand Monadelphous’s presence in the Australian and New Zealand water markets as well as providing significant opportunities in the growing infrastructure maintenance sector.

Monadelphous said the earning impact of the acquisition to Monadelphous for the 2014-2015 financial year was not expected to be material.