CIMIC Group has announced that it has signed an exclusivity agreement and is in advanced negotiations with funds advised by Elliott Advisors (UK) Limited regarding the potential investment by Elliott into 50% of the share capital of Thiess, the world’s largest mining services provider, which would provide joint control of Thiess to CIMIC and Elliott.

CIMIC states: “The introduction of an equity partner into Thiess would capitalise on the robust outlook for the mining sector and provide capital for Thiess’ continued growth, while enabling CIMIC to maintain its strong balance sheet.”

CIMIC expects that the advanced negotiations will conclude in the coming weeks with a share purchase agreement that will be subject to customary conditions including all regulatory approvals.