What’s former Leighton chief Wal King up to these days? He’s putting the finishing touches on an astute acquisition by bringing together Terracom Limited (ASX:TER) with Universal Coal.

King chairs Terracom which will now have a diversified portfolio of coal assets spanning Australia and South Africa. Terracom was the ultimate winner after a string of suitors attempted to takeover Universal in the past. Universal operates three mines – mainly thermal coal but with some coking output – with a fourth in progress. Output is underpinned by offtake agreements with the country’s state-owned utility Eskom.