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Perenti Agrees to Sell Equipment Rental Business for AU$100 Million

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Perenti (ASX:PRN) agreed to sell its equipment rental and parts sales business, BTP, to Beetle Industries, an investment vehicle established by a private consortium led by Cratus Group, according to a Friday filing with the Australian bourse.

The company will receive total consideration of AU$100 million for the sale, including an initial payment of AU$80 million cash payable upon completion and a deferred payment of AU$20 million due 12 months after completion, the filing said.

Completion is anticipated to take place by the end of October, per the filing.

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