CIMIC Group Ltd. subsidiary Ventia Pty. Ltd. agreed to acquire Ferrovial SA arm Broadspectrum Pty. Ltd. for A$485 million.

Ventia is an infrastructure company and Broadspectrum is a provider of maintenance, asset management and project management services.

The transaction is expected to close in 2020, subject to standard conditions and regulatory approvals.

Ventia will finance the acquisition through existing funds and acquisition debt finance.