Master Drilling makes another major purchase with Atlantis deal
Master Drilling, one of the world’s leading raise-bore drilling companies, has agreed to pay R107.5m to buy SA’s Atlantis Group, which is involved in similar drilling work.This is Master Drilling’s second major purchase of another drilling company. It has already bought Bergteamet, a Swedish company working in Scandanavian countries and now increasingly in Europe.Master Drilling will fund the purchase price from its cash resources over the next year, subject to the fulfilment of various conditions, including statutory and regulatory approvals."The acquisition of Atlantis Group will further strengthen Master Drilling’s international footprint and augment its pool of skills and expertise, especially in India, Brazil and Zambia, where both Master Drilling and Atlantis have active raise-boring businesses. In SA, the acquisition also comprises a mining suppliers and parts manufacturing business," said Danie Pretorius, CEO of the Fochville-based company.As Master Drilling’s contract with ...
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