MJDLF - Major Drilling Group International to acquire McKay Drilling for ~A$80M in cash and stock deal

Major Drilling Group International  (MJDLF) has entered into an agreement to acquire all of the issued and outstanding shares of Australia based McKay Drilling PTY Limited, a leading specialty drilling contractor for ~A$80M, or ~C$75M consisting of a cash payment of A$40M payable on closing of the acquisition and A$15M paid through the issuance of common shares of Major Drilling and an earn out of up to A$25M payable in cash over the next three years, based on the achievement of certain milestones. . The acquisition will be immediately accretive on an earnings per share basis upon closing and provides Major Drilling a strong established presence in an important growth market.Founded in 1990, McKay is widely regarded as an innovator in the Australian mining industry and has long-standing relationships with Australia's largest mining companies and for the twelve-month period ending March 31, 2021, McKay generated revenue of ~A$60M and EBITDA of

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Major Drilling Group International to acquire McKay Drilling for ~A$80M in cash and stock deal