Imdex enters agreement to acquire Devico

Imdex Limited, the world’s leading mining technology company, has announced that it has entered into a binding agreement to acquire Devico AS (through its wholly-owned subsidiary) for an enterprise value of A$324 million.

Founded in 1988 and headquartered in Trondheim, Norway, Devico is one of the world’s leading mining technology companies. It has approximately 200 employees and entities in 15 countries. Devico is expected to have revenues of around A$61 million in 2022 and his EBITDA in 2022 at his A$29 million. The business has demonstrated its ability to scale with a revenue compound annual growth rate of 17% over the past three years.

Commenting on the proposed acquisition, IMDEX CEO Paul House said:

“The proposed acquisition of Devico is consistent with IMDEX’s growth strategy and is a logical next step. The addition of Devico strengthens our position as a leading provider of advanced rock knowledge sensors and establishes our business as the number one directional drilling technology company in the world. In particular, Devico’s flagship facility in Trondheim will be a significant asset for IMDEX, offering a new innovation and manufacturing hub for the European market Devico’s expertise, professionalism and their relentless customer focus is aligned with our team and we are excited about what we can achieve together for mining. I have.”

Read the article online: https://www.globalminingreview.com/mining/23012023/imdex-enters-agreement-to-acquire-devico/