AusGroup to acquire Ezion's Teras Australia unit for $55 mil

AusGroup said it has signed a sale and purchase agreement to acquire Ezion Offshore Logistics Hub (EOLH) for $55 million.

EOLH, an investment holding company incorporated in Singapore, holds a 90% of Teras Australia, a shipping company incorporated in Australia. The remaining 10% is held by Australia's Aboriginal Maritime.

AusGroup said the acquisition will allow it to expand into the business of providing onshore and off-shore marine services, including marine logistics and related support services in Australia.

The acquisition will also enhance AusGroup's capacity to provide integrated delivery capabilities - covering all components of the oil and gas asset supply chain - and add new marine services capabilities and end-market expertise to its platform, said the company in a statement.