Boart Longyear gains court approval for PE takeover
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The news: ASX-listed drilling company Boart Longyear has received approval from the Ontario Superior Court of Justice in Canada to be taken over by a fund of private equity firm American Industrial Partners.
The numbers: Utah-based Boart Longyear, once the second largest IPO in Australian history, saw shares rise more than 54% in December 2023 after announcing it had agreed to the buyout by American Industrial Partners Capital Fund III, in a deal that values the company at USD371 million ($544 million).
The context: Boart, which provides drilling services to miners in the gold and copper industries, expects the transaction will be completed in early April.
American Industrial Partners Capital Fund III is a buyout fund managed by American Industrial Partners that invests in commercial services, industrials, manufacturing, oil and gas companies.
The source: ASX announcement
