Tasmea Ltd (ASX: TEA) shares are charging higher on Wednesday after the company gave investors another reason to buy.
At the time of writing, the Tasmea share price is up 3.65% to $9.36.
The move has pushed the ASX industrial services stock to a new all-time high. Tasmea shares are now up 53% over the past month and around 122% since the start of the year.
After more than doubling this year, Tasmea has been one of the best ASX stocks to watch in 2026.
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Tasmea announces $75 million acquisition
According to the release, Tasmea has signed a share purchase agreement to acquire JPS Group and its related entities.
JPS is an integrated services provider to the Australian energy sector. It works across LNG operations and maintenance, shutdown and campaign execution, specialist project work, and tech-enabled isolation services.
The business has more than 500,000 safe working hours and around 150 full-time equivalent staff.
It also brings a strong customer base, with clients including Chevron, ConocoPhillips, INPEX, Mitsui, Santos Ltd (ASX: STO), Shell, and Woodside Energy Group Ltd (ASX: WDS).
Tasmea said JPS has more than 10 master services agreements, which should add more recurring revenue to the group.
The acquisition is worth up to $75 million. This includes $50 million upfront at completion, split between around $24.5 million in cash and $25.6 million in Tasmea shares issued to the vendors at $8.50 per share.
There's also a potential earn-out of up to $25 million across FY27 to FY30, subject to JPS meeting certain targets.
Settlement is targeted for around 1 August 2026, subject to conditions including ACCC approval.
What the deal adds
The deal gives Tasmea a bigger position in the energy services market and adds another specialist business to its portfolio.
It should also give the company's earnings a lift.
Tasmea said the acquisition is expected to add to earnings per share (EPS) straight away. On a pro forma basis, it expects the deal to increase FY26 earnings per share by about 5%.
JPS is forecast to generate about $10 million in underlying EBIT in FY26 before specialist margins.
Including JPS and the Maxim Group acquisition announced earlier this month, Tasmea now expects pro forma FY26 underlying EBIT of $185 million and underlying NPAT of $113 million.
This is higher than its previous pro forma numbers of $175 million in underlying EBIT and $107 million in underlying NPAT.
In addition, Tasmea reconfirmed its standalone FY26 guidance of $117 million in underlying EBIT and $72.5 million in underlying NPAT.
