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Australian company Downer EDI has bought most of infrastructure maintenance and management business Excell.
Excell's website says it is owned by interests associated with private investment company Cullen Investments, founded by Eric Watson.
Downer said it had signed a conditional deal to buy Excell's asset management components.
Downer chief executive Geoff Knox said the purchase, to be settled this month, would result in its works division taking over 75 per cent of Excell's operations. Those would include open space, property, water, drainage and road management services, representing revenues of more than A$70 million ($86.4 million).
Transpacific Industries Group (NZ) would take over the remaining 25 per cent, Excell's environmental management services.
