Broadspectrum
 | |
| Industry | Infrastructuremaintenance services |
|---|---|
| Founded | 2001 |
| Founder | Franco Belgiorno-Nettis |
| Defunct | June 30, 2020 |
| Fate | Acquired by and integrated intoVentia |
| Successor | Ventia |
| Headquarters | , Australia |
Area served | Australia New Zealand |
| Parent | Ventia |
| Subsidiaries | APP Broadspectrum Property CI Australia Easternwell ICD Ten Rivers |
| Website | www.broadspectrum.com |
Broadspectrum,formerly known asTransfield Services,was an Australian and New Zealand company that providedinfrastructuremaintenance services. Formerly listed on theAustralian Securities Exchange,and later owned byFerrovial,it was then acquired byVentiawho integrated Broadspectrum alongsideVisionstream.[1]
Overview
[edit]Broadspectrum operated across diverse industries, including property and facilities management,defence,transport(includingroad,railandpublic transport),utilities(includingwater,power,and telecommunications), andminingand chemical processing and hydrocarbons. Its clients included major national and international companies, as well as all levels of government.
History
[edit]
In May 2001,Transfield Holdingsspun-offits maintenance contracting division along with power, transportation and water assets and listed it on theAustralian Securities Exchangeas Transfield Services.[2][3]Transfield Holdings had an initial 45% shareholding.[4]
In July 2004, Transfield Services acquired the New Zealand operations ofSerco.[5][6]In February 2005, Transfield Services purchased instrumentation, electrical and mechanical service group Broadspectrum.[7]In June 2007, Transfield Services Infrastructure Fund (that later becameRATCH-Australia) was spun-off, comprising seven former Transfield Services power station and water storage assets.[8]
In December 2010, well-servicing business Easternwell was purchased. Easternwell provides services to the mining, oil and gas and infrastructure sectors in Queensland, South Australia and Western Australia.[9][10][11]In July 2011 Transfield Services sold its North American based facilities management business USM toEmcorforUS$255 million,[12]and also announced the sell down of 80 percent of its share in the Transfield Services Infrastructure Fund to Ratchaburi Australia, a subsidiary ofThaicompanyRatchaburi Electricity General.[13][14]
In October 2012, Transfield Services was contracted to manage the Australian government's offshore immigration detention centre onNauru.[15]In March 2014, following the death of Iranian asylum seekerReza Barati,it took over the running of the detention centre on Manus Island fromG4S.[16]A group of artists participating in theSydney Biennalethat year threatened a boycott of the festival (whose chairman was Luca Belgiorno-Nettis, managing director of Transfield Holdings) unless the festival ended a sponsorship deal with Transfield. Belgiorno-Nettis resigned his chairmanship of the Biennale.[17]
In September 2014, ahead of a review established by immigration minister Scott Morrison, Transfield Holdings sold its remaining shareholding in Transfield Services, marking the end of its involvement.[18][19][20]In November 2015 Transfield Services was rebranded as Broadspectrum after Transfield Holdings gave 12 months notice of termination of the right to use the name Transfield and logo.[21]
Having made an unsuccessful takeover attempt in 2014, in May 2016Ferrovialacquired the business.[22][23][24][25]In December 2019, Ferrovial agreed terms to sell the business toVentia.[26]The transaction was completed in June 2020 after being cleared by theAustralian Competition & Consumer Commission.[27]
Transport operations
[edit]Between 1999 and 2010, Transield Services held a 50% shareholding withTransdevinTransdev TSLthat operated bus services inSydney(Shorelink), ferry services inBrisbane(TransdevTSL Brisbane Ferries) and tram services inMelbourne(Yarra Trams).[28]Transfield Services again partnered with Transdev to operateHarbour City Ferriesfrom 2012 until 2016.[29]From 2011 until 2018, Transfield Services also operated bus services in its own right under contract to theDepartment of Planning, Transport & InfrastructureinAdelaide(Light-City Buses).[30][31]
Controversy
[edit]The appointment of Transfield Services to provide welfare services at the detention centres on Manus and Nauru was criticised by refugee advocacy groups on the grounds that the duty to shareholders conflicted with the interests of asylum seekers.[32]In February 2014, this led to calls for an artist and audience boycott of the 19th Biennale of Sydney, which Transfield Services supported through the Transfield Foundation, providing approximately six per cent of the Biennale's total funding.[33]Following protests and widespread criticism on social media, Executive Director of Transfield Holdings Luca Belgiono-Nettis subsequently resigned from his position as Chairman of the Biennale Board, and the Biennale severed its 41-year sponsorship relationship with Transfield Holdings.[34]This decision itself led to debate, with boycott organisers saying the boycott was successful, while their opponents claimed it had jeopardised the future of corporations and businesses funding the arts in Australia.[35]
References
[edit]- ^"Broadspectrum is now part of Ventia".www.ventia.com.Retrieved3 September2021.
- ^Transfield seeking $10m from Seven Hills auctionSydney Morning Herald17 February 2001
- ^Commencement of Official Quotation - Transfield Services LimitedAustralian Securities Exchange 30 April 2001
- ^Distribution of Shareholders as at 9/05/2001Transfield Services 9 May 2001
- ^Transfield Services sale contract to acquire Serco Group NZ LtdTransfield Services 5 April 2004
- ^Transfield Services acquires Serco Group NZ LtdTransfield Services 1 July 2004
- ^Transfield Services buys specialist service groupTransfield Services 10 February 2005
- ^Transfield Services announces IPO of infrastructure assetsTransfield Services 4 April 2007
- ^Transfield Services to acquire Easternwell for $575 millionTransfield Services 13 December 2010
- ^Lee, Tracy (26 February 2011)."Easternwell addition drives Transfield Services rally".The Australian.Retrieved25 August2011.
- ^"Transfield snaps up Easternwell for $575m".The Sydney Morning Herald.13 December 2010.Retrieved25 August2011.
- ^Lee, Tracy (20 May 2011)."Transfield offloads weak US service arm".The Australian.Retrieved25 August2011.
- ^Kelly, Ross (2 May 2011)."Transfield Services Infrastructure Fund backs offer from Thailand's Ratchaburi".The Australian.Retrieved25 August2011.
- ^Robins, Brian; Ker, Peter (18 August 2011)."Transfield's $12.2m Loy Yang hit over carbon tax".The Age.Retrieved25 August2011.
- ^"Transfield given $1.5bn over three years to manage Nauru and Manus centres".the Guardian.27 October 2015.Retrieved12 April2022.
- ^"Transfield named Coalition's 'preferred tenderer' for Manus and Nauru centres".the Guardian.31 August 2015.Retrieved12 April2022.
- ^"Biennale artists force Transfield out".Australian Financial Review.7 March 2014.Retrieved12 April2022.
- ^Transfield Holdings sells it shares in Transfield ServicesTransfield Holdings 9 September 2014
- ^"Save the Children staff say Moss review exposes negligence on Nauru".the Guardian.20 March 2015.Retrieved12 April2022.
- ^"Independent Reviews - Regional Processing Centre in Nauru".www.homeaffairs.gov.au.Retrieved12 April2022.
- ^Change of name to BroadspectrumBroadspectrum 3 November 2015
- ^Transfield Services receives proposal from FerrovialTransfield Services 24 October 2014
- ^Ferrovial submits final offer for BroadspectrumFerrovial 6 April 2016
- ^Ferrovial exceeds 90% of BroadspectrumFerrovial 23 May 2016
- ^Ferrovial completes compulsory acquisition of Broadspectrum sharesFerrovial 27 June 2016
- ^Ventia signs agreement to purchase BroadspectrumCIMIC Group 2 December 2019
- ^Ventia's proposed acquisition of Broadspectrum not opposedAustralian Competition & Consumer Commission 23 April 2020
- ^Welcome to TransdeTSLTransdevTSL
- ^Ferries' French FlavourAustralasian Bus & Coach4 May 2012
- ^New contractors for Adelaide bus servicesDepartment of Planning, Transport & Infrastructure 29 April 2011
- ^"Light City Buses Gone".Australian Bus Panorama,issue 34/1, July 2018, page 5
- ^"Construction company set to take over Salvos' asylum seeker welfare services".The Guardian.3 February 2014.Retrieved21 August2023.
- ^Taylor, Andrew (21 February 2014)."Refugee outrage threatens Sydney Biennale sponsorship".The Sydney Morning Herald.Archived fromthe originalon 21 February 2014.
- ^Fortescue, Elizabeth (7 March 2014)."Biennale Future in Doubt".The Daily Telegraph.Archived fromthe originalon 8 March 2014.Retrieved12 March2014.
- ^Pickard, Nicholas (9 March 2014)."Arts kicks own goal in Biennale of Sydney stoush and risks vital clash".The Sydney Morning Herald.Retrieved12 March2014.