Ausdrill wraps up Barminco buy

AUSDRILL has formally completed the A$271.5 million acquisition of rival Barminco, a week after shareholders approved the deal.

Ausdrill wraps up Barminco buy Ausdrill wraps up Barminco buy Ausdrill wraps up Barminco buy Ausdrill wraps up Barminco buy Ausdrill wraps up Barminco buy

African Mining Services at work

Consideration for the acquisition was 150.7 million Ausdrill shares and $25.4 million cash.

Ausdrill said the acquisition made it the second-largest mining services company in Australia by revenue, and the leading ASX-listed pure-play mining services company.

Ausdrill managing director Mark Norwell said the company was now a lower capital intensity and higher return business.

"Barminco is a complementary business to Ausdrill, with a leading market position in underground hard rock mining that establishes the company as a more diverse group with a broader service offering sought by our customers," he said.

"Not only is it a strategically and financially compelling deal, there is a good cultural fit with the two businesses having worked together in Afric...

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