Another Cross-border Buyout Keeps the Australian Mining and Energy Services Sector on a High

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Squire Patton Boggs has advised Altrad Australia Pty Ltd (Altrad) in connection with its potential acquisition of Valmec Limited (Valmec) via a scheme of arrangement. The deal will see Altrad take 98% of the issued share at a cash consideration of A$0.413 per share, implying an equity value for Valmec of approximately A$52 million (on a 100% basis), representing a premium of approximately 29.1% of Valmec’s share price as at close of trading on Friday, 16 July 2021. Valmec’s Board of Directors unanimously recommended shareholders vote in favour of the Scheme.

Altrad’s ultimate parent company, Altrad Investment Authority SAS, is headquartered in France, and is a global leader in industrial maintenance services, with strength in the mining, energy, construction and environmental services sectors. Valmec is a specialist contractor providing design, construction, operations and maintenance services to the mining, energy and infrastructure sectors.

The Squire Patton Boggs team was led by Perth Corporate partner Simon Rear, who was supported by associates Josh Walsh, Connor McClymont and Alix Poole. Valmec was advised by Andrew Shearwood at Dentons. Longreach Capital acted as corporate advisors for Altrad, with Azure Capital advising Valmec.

Simon Rear commented: “Congratulations to all parties on a negotiation that illustrates the continuing buoyancy of the Australian mining and energy services market and its attractiveness to global investors. We are pleased to have assisted Altrad build on its Australian footprint.”

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