Imdex Limited announces acquisition of Devico AS

24 January, 2023 Transactions

We congratulate the parties involved in the announcement made the 19th of January 2023, that Imdex Limited, a leading global mining technology company listed on the Australian Securities Exchange, has (via its wholly owned subsidiary) entered into a binding agreement to acquire Devico AS, a leading supplier of directional core drilling services and borehole surveying solutions established in 1988 and headquartered in Trondheim, Norway.

The agreement has an implied enterprise value of $324 million (approximately NOK 2 200 million) and delivers Imdex the leading market position in Europe and consolidates Imdex’s leading market position globally.

-The addition of Devico will strengthen our position as the leading provider of advanced rock knowledge sensors and will establish our business as the #1 Directional Drilling Technology company globally, says Paul House, CEO at Imdex.

Goldman Sachs is acting as exclusive financial adviser whilst Aabø-Evensen has acted as lead legal counsel for Imdex in connection with the acquisition, and we look forward to further assisting Imdex in ensuring a successful closing of the transaction. The proposed acquisition is consistent with Imdex's growth strategy and, upon completion of the acquisition, will enable Imdex to provide a more comprehensive offering to their customers.

For more information, please see the link here

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