Squire Patton Boggs has advised the shareholders of Australian specialist mining services company McKay Drilling Pty Ltd on the CDN$75 million (AU$80 million) sale of the business to Canadian Major Drilling Group International Inc. (TSX: MDI).
The family-owned business provides specialised drilling equipment and it has long-standing contracting relationships with many of Australia’s most prominent mining companies. Major Drilling is one of the world’s largest drilling services companies, and operates across the Americas, Asia and Africa. The acquisition gives Major Drilling an entry point into the Australian resources sector and provides a strong base for McKay Drilling to continue its innovation and expansion.
Squire Patton Boggs Corporate partner Tony Chong led the transaction, assisted by senior associate Blair Strickland. Speaking of the successful deal, Tony noted, “We are very pleased to have assisted the McKay family to negotiate an arrangement that allows them to recoup the years of innovation and investment in their business, while at the same time, reflects their legacy and enables the continued momentum of McKay Drilling.”
He added, “Our firm is among the best in the world when it comes to advising private companies and family offices. We understand that these transactions are deeply personal and there is a lot more at stake than just achieving a certain price.”