Thiess has signed a share purchase agreement with Metarock Group to acquire PYBAR Holdings, an Australian-based underground metals business, and its subsidiary Pybar Mining Services.
The sale is worth $65 million based on an enterprise value. Metarock expects to receive $36.3 million in net cash proceeds after deducting PYBAR’s outstanding debt and estimated transaction costs.
“The agreed transaction represents a great outcome for Metarock shareholders,” Metarock Group executive chair Jon Romcke said.
“The purchase consideration represents compelling value for the PYBAR business, which will continue to grow as part of Thiess’ global mining services platform.
“The transaction significantly strengthens Metarock’s balance sheet and is expected to return the company to a net cash position, allowing it to focus on the Mastermyne, Wilson Mining and MyneSight businesses.”
Once the transaction is completed, Thiess will continue to operate the business under the PYBAR brand. The company will retain all PYBAR employees in order to carry out ongoing operations and to expand its underground hard rock contracting business.
“This acquisition is an ongoing part of Thiess’ strategy to diversify our commodities and the services we offer our clients,” Thiess Group executive chair and chief executive officer Michael Wright said.
“We are committed to developing a global mining portfolio, with a strong focus on the metals and minerals critical to the global energy transition. The PYBAR acquisition is key to this.
“PYBAR’s specialist skills will expand the Thiess Group’s service offering to our clients, and open up a pipeline of opportunities in underground metals and minerals across Australia and globally.
“We will retain the PYBAR brand and will work with the leadership team to support their current clients, and grow PYBAR’s strong brand within and beyond their current markets.”
The transaction is expected to be completed on April 30.
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