Boart Longyear (ASX:BLY) is to become a majority stake holder in GlobalTech Corporation.
The drilling services company has increased its ownership position to 51.7 per cent.
The business acted on its rights to convert US$2.3 million of debt to equity to increase total ownership position.
The company says its continued investment in GlobalTech builds its in house knowledge of electronic instrumentation and data collection in mineral exploration and mining industry.
Boart Longyear CEO, Jeff Olsen says the acquisition shows the company's continued commitment to meeting the needs of customers through innovative technologies.
Shares in Boart Longyear (ASX:BLY) closed 20 per cent higher to 0.6 cents on Friday.