The transaction was concluded for a cash consideration of R142 million, the net asset value of Johnson Crane Hire at the effective date of 1 January 2002. The bulk of the funding was sourced by Mettle from offshore financiers.

Commenting on the transaction, Murray & Roberts Group Chief Executive, Brian Bruce, said that it was consistent with the ongoing disposal programme in terms of the Rebuilding Murray & Roberts strategy.

“We are pleased that the transaction brings foreign investment into the South African economy, while at the same time ensuring the continuation of crane hire services to South African industry and construction,” Bruce said.