The company has already paid 10% of the acquisition price while the remaining 90% will be paid upon closing the deal, which is subject to certain conditions.
Ausdrill managing director Ron Sayers, commenting on the deal, said the company considers the acquisition will be a logical fit with the company’s mining services and other divisions.
"In addition to introducing new revenue streams to Ausdrill’s existing activities in Australia, it will enable us to grow our hire fleet from 117 to 194 vehicles, enhance our maintenance capabilities and capture additional opportunities to build relationships with blue chip customers," Sayers added.
BTP should obtain releases from its current financers and encumbrances while Ausdrill will have to arrange for funds for the deal by 31 October 2012. Failing to secure funds for the deal, Ausdrill will lose its deposited amount.
The transaction is expected to close on or about 31 October 2012.
