Australian Imdex has agreed to acquire Norway’s mining technology company Devico in a deal that values the latter at AUD 324 million. Based in Norway, Devico is a provider of directional core drilling services and borehole surveying solutions. The company manufactures products for directional core drilling, core orientation, downhole navigation, drill rig alignment, and quality assurance & quality control data management. Devico employs around 200 people and has a footprint across 15 countries.Key management personnel of the company have signed agreements with IMDEX to reinvest a part of their proceeds from the proposed deal by subscribing to the Australian company’s shares.Around 46% of Devico’s revenue comes from Sensor Technologies, while the remaining 56% is from directional drilling technologies, which are utilised directly by resource companies around the world.
Australian Imdex has agreed to acquire Norway’s mining technology company Devico in a deal that values the latter at AUD 324 million. Based in Norway, Devico is a provider of directional core drilling services and borehole surveying solutions. The company manufactures products for directional core drilling, core orientation, downhole navigation, drill rig alignment, and quality assurance & quality control data management. Devico employs around 200 people and has a footprint across 15 countries.Key management personnel of the company have signed agreements with IMDEX to reinvest a part of their proceeds from the proposed deal by subscribing to the Australian company’s shares.Around 46% of Devico’s revenue comes from Sensor Technologies, while the remaining 56% is from directional drilling technologies, which are utilised directly by resource companies around the world.
