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Boskalis buying German dredging company for $76m

Boskalis buying German dredging company for $76m
Royal Boskalis Westminster (Boskalis) has reached an agreement with STRABAG SE for the acquisition of the dredging activities and assets of STRABAG Wasserbau, formerly known as Möbius Wasserbau for $76m.

STRABAG Wasserbau, based in Hamburg, is a market leader in the German dredging sector. The company has an annual turnover of approximately $54.3m. The agreed transaction price is $ 76 million, does not include any goodwill and will be financed from the Boskalis' own cashflow.

Through this acquisition, Boskalis strengthens its home market position in Germany. In addition by acquiring the hopper dredgers, it allows Boskalis to renew part of its dredging fleet in the 6,000 cu m to 9,000 cu mspace.

In view of this acquisition and the current market conditions, Boskalis will be taking a number of aging hoppers, cutters and backhoe dredgers out of service in the course of this year. 

The deal is expected to close in the first quarter of the year.