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DDH1 acquires Swick Mining Services
Leading Australian drilling services company DDH1 Limited has acquired Swick Mining Services by scheme of arrangement.
Naomi Neilson
Firm: Clayton Utz (DDH1 Limited)
Value: N/A.
Area: M&A, mining.
Key players: Perth corporate partner Liz Humphry, together with lawyers Georgia Denny, Tyson Ginn and Tess Dillon, advised on and negotiated the deal, with support from competition partner Elizabeth Richmond.
Deal significance: Under the scheme, Swick shareholders will receive 0.2970 new DDH1 shares for each Swick share held. Shareholders will own approximately 19.7 per cent of the combined business following implementation, representing an implied equity value of $0.35 Swick share or $99.3 million.
Commenting on the deal, Ms Humphry said: “This transaction creates a drilling powerhouse in DDH1 Limited and is another example of the trend we’re seeing in mining services businesses seeking to consolidate their operations where there are synergies, and it makes strategic sense.
“Our team really enjoyed working with the great people at DDH1 and Moelis and congratulate them on this business milestone.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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