Environmental Group (ASX:EGL) agreed to acquire industrial boiler service and manufacturing business Advanced Boilers & Combustion for AU$5.5 million on a debt-free basis, according to a Monday filing with the Australian bourse.
Established in 2006, Advanced Boilers owns exclusive intellectual property rights to Maxitherm boiler technology, which complements Environmental Group's existing range of boilers, the filing stated.
Advanced Boilers reported revenue of AU$16 million in the fiscal 2024.
The deal is expected to be completed around April 5.
Environmental Group's shares were down nearly 6% in recent Tuesday trade.
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