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CIMIC Group has reached a deal to sell a 50 per cent stake in mining services arm Thiess to hedge fund Elliott Management.

The deal will put up to $1.9 billion into CIMIC’s coffers and is based on an enterprise value of $4.3 billion for Thiess.

Thiess delivers open cut and underground mining in Australia, Asia, Africa and the Americas, providing services to 25 projects across a range of commodities.

It has a diverse fleet of plant and equipment of more than 2200 assets, about 14,000 employees and generates more than $4.1 billion in revenue each year.

While selling 50 per cent of Thiess, CIMIC will retain 100 per cent of the Sedgeman minerals processing businesss.

“The sale agreement reflects Thiess’ ongoing strategic importance as a core activity for CIMIC,” CIMIC Group executive chairman Marcelino Fernández Verdes said.

“It capitalises on the robust outlook for the mining sector and, together with Elliott, we will pursue market opportunities in line with Thiess’ growth and diversification strategy.”

CIMIC and Elliott will jointly control Thiess in accordance with a Shareholders’ Agreement which contains governance arrangements as well as Thiess’ financial and dividend policies, among other items.

The transaction will strengthen CIMIC’s balance sheet by generating cash proceeds $1.7-$1.9 billion as well as reducing CIMIC’s factoring balance by about $700 million and its lease liability balance by about $500 million.

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