ASX-listed drilling services firm Boart Longyear agreed to a $371 million takeover by an affiliate of US private equity firm American Industrial Partners.
The deal, valuing the company significantly below its debut price, marks a shift from its 2007 ASX debut.
The current takeover, endorsed by major shareholders and the board, is led by American Industrial Partners Capital Fund VIII.
The transaction, providing cash at a premium, is set for completion in the first quarter of 2024.