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Ausdrill to acquire JV partner Barminco in A$271.5M deal

Australian mining services company Ausdrill Ltd. agreed to purchase underground hard-rock mining contractor Barminco Holdings Pty Ltd., according to an Aug. 15 release.

Ausdrill and Barminco are partners in the west Africa- and Tanzania-focused African Underground Mining Services joint venture, on a 50/50 basis.

Under the deal, Ausdrill will acquire all equity in Barminco and assume the company's debt in exchange for 150.7 million shares and A$25.4 million in cash. This values the transaction at A$271.5 million and Barminco at A$697.0 million.

The deal, pending shareholder approval and a favorable independent expert's report, will result in Barminco shareholders owning a 22.1% stake in the expanded share capital of Ausdrill.

On the same day, Ausdrill posted a 95.7% rise in posttax net profit to A$61.1 million in its full fiscal 2018.