By Digifin Pty Ltd · About this coverage
Key Points
- Upfront cash ~NZ$38.25m, deferred ~NZ$1.75m and earn-outs of up to NZ$25m
- UCG FY26 unaudited revenue ~NZ$96m and adjusted EBIT ~NZ$7.8m
- Genus calculates the upfront multiple at 5.1x EV/EBIT
- Funded from existing cash and the syndicated debt facility
- Requires a New Zealand Overseas Investment Office direction order; completion targeted end of October 2026
About GenusPlus (ASX:GNP)
GenusPlus Group Ltd is an ASX-listed engineering and construction contractor headquartered in Perth. Its work is concentrated in high-voltage electricity transmission and distribution, including overhead lines, underground cabling and substations, and it also builds fibre and telecommunications networks. It operates across Australia.
GenusPlus (ASX:GNP) signed a binding agreement to buy New Zealand telecommunications construction and maintenance contractor Universal Communications Group Holdings (UCG), which the company says gives it a platform of scale for growth in New Zealand.
Genus will pay upfront cash of ~NZ$38.25m, deferred cash of ~NZ$1.75m over 2 years, and contingent earn-outs of up to NZ$25m. The earn-outs comprise NZ$12.5m if FY27 adjusted EBIT reaches NZ$9.9m, nil at NZ$7.6m or below, and NZ$12.5m if FY28 adjusted EBIT reaches NZ$13m, nil at NZ$9.9m or below, each pro rata in between. Based on unaudited management accounts, UCG generated FY26 revenue of approximately NZ$96m and adjusted EBIT of approximately NZ$7.8m. Genus calculates the upfront multiple at 5.1x EV/EBIT, or 5.0x if the maximum earn-out is achieved. UCG's key customer is Chorus, under a long-term contract covering maintenance, build and provisioning in the upper North Island including Greater Auckland. The deal is funded from existing cash and Genus' syndicated debt facility, and the company expects it to be immediately earnings accretive.
Completion requires change of control consents for UCG's material contracts and leases and a direction order from the New Zealand Overseas Investment Office. The agreement can be terminated if conditions are not met within 40 business days, unless extended.
Source: GenusPlus Group Ltd (ASX:GNP), 12 October 2026. Summary content supplied by Digifin Pty Ltd.
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