LONDON, U.K. - ANGLO AMERICAN quietly agreed to sell the BOART LONGYEAR GROUP, part of Anglo Ferrous Metals and Industries, to private equity group ADVENT INTERNATIONAL for an enterprise value of US$545 million. The consideration is payable in cash.
"One of only two global drilling services companies operating in a fragmented $70-billion global industry, Boart represents a strong consolidation play in a market experiencing a significant upturn in mining exploration expenditure," according to Advent.
On March 2, 2005, Anglo announced that it had received a number of approaches for the purchase of the Boart Longyear Group, a leading provider of drilling services, tools and equipment for the natural resource, construction and quarrying industries and industrial markets worldwide. Together with the sale of Wendt (part of the Boart Longyear Group of businesses), which was announced on March 31, the total enterprise value achieved from the process amounts to US$635 million, which will be used for general corporate purposes.
Advent (www.AdventInternational.com) is a private global equity investment firm based in London, U.K. Founded in 1984, it has helped over 500 companies raise more than US$10 billion around the globe.