Street Talk

First round offers loom for UGL’s $100m EBIT transport biz

Sarah Thompson, Kanika Sood and Emma Rapaport

Jul 28, 2025 – 5.05pm

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UGL has “long held a leadership position in rail rollingstock manufacturing and maintenance, transport operations and infrastructure maintenance services” and has a “flexible business model with the ability to deliver projects in-house or in collaboration with global strategic JV partners”.

That’s the pitch from Spanish-owned local construction giant CIMIC and its advisors at Macquarie Capital as they kick off the marketing of its transport infrastructure services division, according to material distributed to prospective buyers for the business and obtained by Street Talk. Indicative offers are due to be submitted on Thursday.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.