Orica acquires GroundProbe

Company News

by Jessica Ellerm

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.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.