Australian McKay Drilling has entered into an agreement to be acquired by global drilling services company Major Drilling Group International Inc. (TSX:MDI). The transaction is worth up to USD 62 million. The acquisition is expected to close on or about June 1, 2021.
‘We are very excited to welcome McKay and its employees into the Major Drilling group,’ said Denis Larocque, President & CEO of Major Drilling. ‘This acquisition is a meaningful part of our growth strategy and provides us a strong foothold in an important growth market with high barriers to entry. In addition to a fleet of state-of-the-art rigs, we are acquiring a highly-experienced team with local knowledge and longstanding relationships and existing contracts with leading blue-chip mining companies.’
After the acquisition, McKay Drilling will retain its brand and experienced team. The company’s founder and Managing Director Mark McKay will also remain in charge.
‘Major Drilling is a great fit for McKay in terms of its capabilities, values, and culture. We both agree that a company is only as good as its people and I’m proud of the fantastic team we’ve built,’ stated Mr McKay. ‘I am excited to see what lies ahead in our next chapter as part of the Major Group.’
Major Drilling Group International’s underground and mine services solutions and McKay Drilling’s reverse circulation and diamond drilling capabilities are considered highly complementary. In conjunction, it is expected that they will benefit clients across the entire project life cycle, from resource definition to mine life extension.
Read the announcement in full: https://mckaydrilling.com.au/mckay-drilling-sells-to-major-drilling-group-international/
