Saunders International Limited (ASX: SND) announced the completion of its acquisition of Aqua Metro on 14 October 2025, initially announced on 15 July 2025. Saunders International is a multidisciplinary Australian company providing engineering, construction and industrial asset services across the complete asset lifecycle. The company specialises in bulk liquid storage and transfer, structural, mechanical and piping (SMP), industrial automation and electrical, civil infrastructure and industrial asset services.
Aqua Metro is recognised as a leading end-to-end delivery partner, specializing in design, engineering, and project execution within the water industry, maintaining a significant presence throughout both urban and rural Victoria. The acquisition is expected to bolster Saunders’ strategic objective to increase its footprint in the water sector, a key area of growth for the company. By integrating Aqua Metro’s capabilities with Saunders’ existing expertise in tank construction, pipework, and control systems, the company aims to enhance its multidisciplinary project delivery capabilities, adding complementary skills in hydraulics, mechanical, civil, and water infrastructure.
The total purchase price for Aqua Metro is up to $30.0 million. The initial payment of $18.0 million comprised $11.0 million in cash and $7.0 million in Saunders shares. An additional earn-out payment is possible based on Aqua Metro’s financial performance ending 30 June 2026, potentially adding up to $7.0 million in cash and up to $5.0 million in Saunders’ shares if earn-out targets are fully achieved.
Saunders will issue 4,739,437 Initial Consideration Shares within its 15% placement capacity. Shareholder approval will be sought at the upcoming 2025 Annual General Meeting for the issue of the remaining 4,739,437 shares exceeding the capacity and for the Earn-Out Consideration Shares. Materials for the 2025 Annual General Meeting will be issued shortly and the meeting is scheduled for mid to late November 2025.
