Saunders Completes Acquisition of Aqua Metro

Saunders International Limited (ASX: SND) has officially completed the acquisition of Aqua Metro, following the announcement made on 15 July 2025. Aqua Metro is a leading provider of design, engineering, and project delivery services across Victoria’s water industry, maintaining long-term partnerships with utilities and government agencies. The acquisition reinforces Saunders’ strategic expansion into the water sector, enhancing its multidisciplinary expertise in tank construction, pipework, and control systems.

The transaction, valued at up to AU$30 million, includes an initial payment of AU$18 million—comprising AU$11 million in cash and AU$7 million in shares—alongside a potential AU$12 million earn-out contingent on performance through June 2026. The share issue price was determined at AU$0.74, equating to 9,478,874 shares. Tranche 1 shares will be issued immediately under existing placement capacity, while shareholder approval will be sought at the upcoming Annual General Meeting for Tranche 2 and earn-out shares.

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