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Home > Supplier Companies > Major Drilling Group > News > Major Drilling Completes...
Major Drilling Group

Major Drilling Completes the Acquisition of McKay Drilling PTY Limited

Jun 1, 2021
MONCTON, New Brunswick (June 1, 2021) – Major Drilling Group International Inc. (TSX: MDI) (“Major Drilling” or the “Company”) is pleased to announce the closing of the previously announced acquisition of all of the issued and outstanding shares of privately-held McKay Drilling PTY Limited (“McKay”), a family-owned drilling company and a leading specialty drilling contractor based in Perth, Australia.
 
The transaction was completed by payment of the cash portion of the purchase price of A$39.7 million (representing approximately $37.1millionin Canadian dollars) subject to post-closing debt, working capital adjustments and holdbacks using Major Drilling’s current cash balance and debt facilities as well as the issuance of 1,318,101 common shares of Major Drilling, valued on the closing of the transaction by the volume weighted average price of the shares on the TSX for the 10 trading days before the closing date. In addition, an earn-out of up to A$25 million will be payable in cash over the next three years, based on the achievements of certain milestones.
 
About Major Drilling
 
Major Drilling Group International Inc. is one of the world’s largest drilling services companies primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team alone. The Company maintains field operations and offices in Canada, the United States, Mexico, South America, Asia, and Africa. Major Drilling provides a complete suite of drilling services including surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole drilling, surface drill and blast, and a variety of mine services.
 
For Further Information:
 
Ian Ross, Chief Financial Officer
Tel: (506) 857-8636
Fax: (506) 857-9211
ir@majordrilling.com
 

Source: https://www.majordrilling.com/wp-content/uploads/McKay-Closing-Press-Release-June-2021-Final.pdf

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