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NEWS

10:02 AM, 24 Apr 2008

Downer EDI makes Astute acquisition


Source: News Bites

Downer EDI Ltd subsidiary Downer EDI Engineering will acquire New Zealand telecommunications provider Astute Ltd in a move which will see Downer extend its five year service contract with TelstraClear to provide services New Zealand-wide.

Additionally, Downer Engineering will provide national mobile network maintenance services to Vodafone.

CEO Wayne Nolan said, "This is an important strategic development which definitively reinforces Downer Engineering's position as New Zealand's largest provider of telecommunications and ICT infrastructure management services while also ensuring continuity of service for Astute's customers."

Mr Nolan said that at a business level it has enabled the company to comprehensively expand its relationship with TelstraClear, establish a relationship with Vodafone and at the same time materially grow our overall capability to service clients nationally. “With well over 200 skilled technicians and support staff joining our business throughout New Zealand as result of this transaction, our capacity and capability across all of our customer contracts is significantly enhanced," he said.

STOCK DASHBOARD: April 24, 2008

Downer EDI

Closing Price April 23, 2008: $7.01

Price change from previous trading day: 0.3%

Relative Strength (6 months percentile rank): 88.2

Market capitalisation: $2.3 billion

Dividend Yield: 3.0%

Price/Earnings: 22.4 times

Turnover volume: 1,032,505.0

Volume Index (1 is average): 0.5

Turnover value: $7 million

Turnover period: 8 months

Value of $1,000 invested 1 year ago: $968

Source: www.BuySellTips.com


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