Boart Longyear (ASX:BLY) agrees to $371M takeover by American Industrial Partners

Business News

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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.