GenusPlus Group acquiring NZ telecom specialist UCG Holdings

• Genus to acquire 100% of Universal Communications Group
• UCG is leading NZ-based telecommunications construction and maintenance service provider
• UCG has a 10+ year relationship with Chorus NZ’s largest telecommunications infrastructure company
• Acquisition adds scale and capability to Genus’ telecommunications offering

GenusPlus Group (ASX: GNP) has entered into a binding share purchase agreement (SPA) to acquire New Zealand’s Universal Communications Group Holdings (UCG).

UCG is a privately-owned, NZ-based leading telecommunications construction and maintenance service provider to Tier 1 network owners across New Zealand and the Pacific Islands.

UCG’s operating subsidiary was founded in 2013 and has had a 10+ year relationship with Chorus (New Zealand’s largest telecommunications infrastructure company) as part of designing and building out the fibre network in New Zealand.

Chorus remains UCG’s key customer today, with a long-term contract to deliver Chorus’ maintenance, build and provisioning works in the upper North Island of New Zealand, including Greater Auckland.

UCG employs approximately 150 staff with six offices across New Zealand. Based on unaudited management accounts, UCG generated FY26 revenue of approximately NZ$96 million and adjusted EBIT of approximately NZ$7.8 million.

“UCG is a highly complementary acquisition that will add scale and capability to our services business and establish a platform for further growth in New Zealand,” Genus MD, David Riches, said.

“UCG’s longstanding relationship with Chorus, experienced team and proprietary SiteTRAX workorder management system bring valuable expertise in delivering and maintaining large-scale communications networks.”

In consideration for the acquisition of 100% of UCG, Genus has agreed to pay an upfront cash consideration of around NZ$38.25 million, deferred cash consideration of approximately NZ$1.75 million payable over two years, and contingent earn-out cash payments of up to NZ$25 million subject to FY27 and FY28 adjusted EBIT performance.

The acquisition will be funded from Genus’ existing cash balance and its existing syndicated debt facility.

GNP was up 0.60% to $9.27. Mkt cap $1.872B.

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