RCR did not disclose the value of the transaction but said it would be funded from existing cash holdings.

“With the acquisition of AE&E Australia, RCR now holds all the major steam cycle and boiler technologies and licenses necessary to deliver the majority of power and steam generation projects in Australia,” the company said in a statement.

RCR said it would acquire fixed assets including plant and equipment associated with the business and had also retained the services of several key AE&E staff.

However the company said it would not be taking on any project liabilities which AE&E Australia held prior to its sale.

RCR chief executive Paul Dalgleish said the acquisition of AE&E Australia would broaden the range of energy technologies that the RCR Energy business can offer customers in the industrial and utility sectors.

AE&E was placed in administration in November last year, just weeks after being dumped as a contractor on the Sino Iron Ore project in the State’s North West.

AE&E was still working on BHP’s Worsley Alumina expansion project when it collapsed.

RCR’s corporate advisers for the transaction were Lincoln Crowne & Company and Allens Arthur Robinson acted as legal counsel.

RCR shares were up one cent to $1.61 at 11.55am.

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