Orica Limited (ASX:ORI) has announced it will acquire GroundProbe, a global market leader in the provision of monitoring and measurement technologies for the mining sector.
Orica will acquire the business from Crescent Capital Partners for $205 million.
The commercial explosives and blasting business has indicated direct synergies between its existing solutions BlastIQ and Nitro Consult as influential factors in making the deal.
Orica will look to fund the acquisition in cash from existing debt facilities, with the transaction expected to be earnings per share accretive in the first full financial year of ownership.
Shares in Orica Limited (ASX:ORI) were trading 0.66 per cent lower this morning at $18.00.