Australia's Bhagwan Marine rises on fleet manager buyout

Bhagwan Marine

09/02/2026 02:13

** Shares of Bhagwan Marine BWN.AX rise as much as 4.4% to A$0.47, its biggest intraday pct gain since January 23

** Marine services provider says it will acquire all shares in Riverside Marine

** Deal values Riverside at an enterprise value of up to A$130 million ($91.27 million),  on debt-free, cash-free basis

** Brisbane‑based Riverside is a marine services operator managing a fleet of about 30 vessels, serving clients in industrial resources, scientific research, and transport and logistics

** Stock down 3.2% YTD, including session's moves

($1 = 1.4243 Australian dollars)

(Reporting by Aamir Sheik Khalid in Bengaluru)

((Aamir.SheikKhalid@thomsonreuters.com))