Mining services company Thiess on Monday announced a transaction with Metarock Group to acquire its Australia-based underground metals business, PYBAR Holdings.
PYBAR will join the Thiess Group once the customary sale conditions are satisfied and the completion process is finalised.
The total headline consideration for the transaction is A$65-million on an enterprise value basis. Metarock estimates net cash proceeds from the transaction will be about A$36.3- million, after deducting PYBAR’s outstanding debt and estimated transaction costs.
“This acquisition is an ongoing part of Thiess’ strategy to diversify our commodities and the services we offer our clients. We are committed to developing a global mining portfolio, with a strong focus on the metals and minerals critical to the global energy transition,” said Thiess executive chairperson and CEO Michael Wright.
“The PYBAR acquisition is key to this. PYBAR’s specialist skills will expand the Thiess Group’s service offering to our clients, and open up a pipeline of opportunities in underground metals and minerals across Australia and globally.”
Thiess would retain the PYBAR brand and would work with the leadership team to support their current clients, said Wright.
The Thiess Group operating companies’ industry experience, complementary portfolio of services and geographical reach, place the group in a strong position to enhance PYBAR’s value proposition to both their clients and their people.