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Sydney-headquartered construction and mining group CIMIC Group has completed the full reacquisition of global mining services provider Thiess Group, paying $1.18 billion for the remaining interest and returning the business to complete CIMIC ownership.
The deal caps a staged buyback that began after CIMIC sold a 50 per cent stake in Thiess to Elliott Advisors, a global hedge fund with US$80 billion in assets, in 2020.
CIMIC first repurchased a 10 per cent interest for $320 million in 2024, lifting its holding to 60 per cent, before exercising its option to acquire the balance.
Thiess is one of the world's largest mining services providers, operating across more than 60 projects in Australia, Asia and the Americas.
The business generates about $6 billion in revenue annually and employs more than 15,000 people, delivering contract mining, rehabilitation and mining technology services.
The reacquisition brings Thiess back under the umbrella of CIMIC's parent, Spanish infrastructure group ACS, and German-listed HOCHTIEF, consolidating a mining services business that has been repositioning itself around the energy transition.
"Thiess is a high performing business with long term contracts, strong cash flow generation and a clear strategy aligned to the evolving needs of the resources sector," says Juan Santamaría, the CEO of ACS Group and HOCHTIEF and executive chairman of CIMIC Group.
“Thiess is continuing to grow and diversify its commodities and services to support the energy transition. It is also pioneering new ways of working through advanced equipment and technology to enhance safety, productivity and operational performance.
“Returning Thiess to full ownership supports CIMIC’s long term portfolio objectives and provides greater strategic flexibility.”
The deal returns Thiess to full CIMIC ownership at a time when the mining services provider has been actively reducing its exposure to thermal coal.
According to the company's 2025 Sustainability Report, thermal coal has been cut to 26 per cent of revenue, with a target of below 25 per cent by 2027.
“Thiess Group today is a global mining services leader, with operations across a broad range of commodities, services and jurisdictions," says Michael Wright, Thiess Group executive chair and CEO.
"Full ownership by CIMIC supports our long-term strategy of growth, providing our clients with a strong balance sheet and global capability, and our people with enhanced opportunities across a diverse portfolio of operations.
“We remain disciplined in how we operate, with a strong focus on operational performance, technology integration and sustainability to deliver consistent, high quality outcomes for our clients.”
Thiess will continue to operate as a global mining services business within the CIMIC Group, with the company confirming there will be no change to its "client commitments, people focus or safety priorities".
The broader CIMIC Group now employs about 39,000 people in 20 countries.
The company also operates engineering and construction businesses CPB Contractors and Leighton Asia, integrated solutions providers UGL and Sedgman, and development and investment arm Pacific Partnerships.
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