SANDVIK has signed an agreement with Major Drilling Group International Inc., Canada, to acquire the business and assets of the Australian company UDR Group, including its business units in Australia and Chile.
UDR Group is one of the market’s leading manufacturers and suppliers of surface mineral exploration drill rigs. UDR Group reported sales for the last business year of about $AUD48m and has about 100 employees.
The purchase price for the transaction was $AUD46m on a cash and debt free basis, subject to customary working capital related post closing adjustments.
The acquisition was completed on 8 June, 2006 (Australia time), immediately after the execution of a definitive purchase agreement, and UDR Group became part of Sandvik Mining and Construction as of that date.