Squire Patton Boggs has advised Thiess on entering into an agreement with CIMIC Group and Elliott Advisors regarding the acquisition of CIMIC of an additional 10% equity interest in Thiess, a leading global mining services provider. The acquisition, for a purchase price of A$320 million, increases CIMIC’s ownership of Thiess to 60%. CIMIC and Elliott will continue to have equal Board representation while CIMIC will strengthen its governance over the day-to-day operations of the company.
This transaction builds on the recent deal Squire Patton Boggs recently advised Thiess on, whereby Thiess entered into a binding Share Sale and Purchase Agreement with ASX-listed company, Metarock Limited, in relation to its acquisition of the whole issued share capital of its subsidiary, Pybar Holdings. Pybar is an underground mining contractor and will assist Thiess in expanding their underground mining business and further Thiess’ strategy to diversify its commodities and the services it offers clients. The Pybar transaction is expected to complete on 31 May 2024.
Ashley Rose and Michael Gajic, corporate partners in the firm’s Sydney office, co-lead the team acting for Thiess. They are supported by director Louisa Hine and associates Sophie Davey and Georgia Mateer.
Mr. Rose said: “Once again, we are thrilled to work with Thiess, a global leader in diversified mining services, providing open cut and underground mining, asset management and sustainability focused solutions to clients around the world. With more than 15,000 employees, Thiess operates in Australia, Asia and the Americas across more than 60 projects. We are proud to be associated with such a dynamic and fast-growing company, and are delighted to be a part of Thiess’ ongoing journey.”