Thomsons Lawyers has acted for John Nitschke Drilling Pty Ltd on the sale of the company to Foraco International SA (TSX: FAR) for approximately AU$60 million. Partner, Loretta Reynolds, Senior Associate, Tara Page and Associate, Charles Slattery provided advice in relation to this transaction.
John Nitschke Drilling is headquartered in Hahndorf, South Australia and has activities in all of the main mining states in Australia. Foraco is a leading global mineral drilling services company that provides a comprehensive and reliable service offering in mining and water projects.
Complexities in this transaction included its cross-jurisdictional nature, as Foraco is headquartered in Marseille, France and publicly traded on the Toronto Stock Exchange. Also, as the purchase consideration involved a combination of cash and warrants, fluctuations in the mining sector had to be managed throughout the negotiations.
KPMG was the financial advisor to John Nitschke Drilling for the transaction.