Diversified mining services company Ausdrill (ASX:ASL) has completed the acquisition of leading underground hard-rock mining contractor Barminco.
This acquisition makes Ausdrill (ASX:ASL) the second largest mining services company in Australia, by revenue.
Ausdrill has now transformed into the second largest mining services company in Australia, by revenue.
Managing Director Mark Norwell says the buy is a strategically and financially compelling deal, and that there is a good cultural fit with the two businesses having worked together in Africa through their African Underground Mining Services (AUMS) joint venture for over a decade now.
Having been issued the Ausdrill shares, the Barminco vendors now own approximately 22.1 per cent of the enlarged Ausdrill, held by a range of entities.
Shares in Ausdrill (ASX:ASL) closed 3.31 per cent higher to $1.72 yesterday.