Imdex confirms US$242m Devico deal

January 19, 2023

Richard Roberts

Editor in chief

New ‘orebody knowledge’ mining tech transaction opens more M&A doors

Australia’s Imdex has confirmed its largest ever acquisition and financing with a A$224 million (US$155 million) equity raising and A$120m loan to fund the $334m (US$230m) buyout of private Norwegian firm Devico in a move aimed at entrenching its position as global leader in the growing mineral drilling technology market.

Circa-A$1 billion ASX-listed Imdex has trumped Orica and others with its US$242m (including costs) play, making it a sweeter target for bigger companies looking to connect above and below ground mining data flows over the next decade. They include the major mining equipment makers and perhaps larger tech companies.

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