The owners of Palladium, the international development infrastructure group, have sold a controlling share of the business to Global Infrastructure Solutions Inc., a U.S. company that owns a stable of infrastructure organizations.
According to a filing with the U.S. Securities and Exchange Commission, GISI will pay over $224 million in cash, as well as offering 6% of its own shares, for an effective 80% share of Palladium, which it will own through a holding company.
Palladium launched in Australia in 1965 as an agriculture business but expanded rapidly into international development. It was acquired from a previous owner in a management buyout in 2009 and now has around 2,500 employees operating in 90 countries.