logo
Share SHARE
FONT-SIZE Plus   Neg

Foraco Int'l Enters Into Binding Agreement To Buy WFS Sondagem - Quick Facts

Foraco International SA (FAR.TO) announced that it has entered into a binding agreement to acquire WFS Sondagem LTDA, or "Servitec". Servitec is the second largest mineral drilling company in Brazil and has provided diamond and reverse circulation drilling services for major and junior mining companies in Brazil since 2000.

The first step of the proposed transaction will be the acquisition of a 51% controlling interest in Servitec, in consideration for Cash consideration of R$ 35.65 million or approximately US$20.6 million upon closing; 4.82 million shares of Foraco, out of which 1.30 million shares are currently held by Foraco.

The closing of the transaction is scheduled to take place in April 2012.

The parties have a call and a put option to transfer the remaining 49% of Servitec's share capital. This second step of the transaction is due to take place in 2015.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Continuing efforts to normalize relations, President Barack Obama announced Wednesday the U.S. and Cuba will re-open embassies in each country's respective capitals later this month. Obama described the move as a demonstration that the U.S. and Cuba don't have to be imprisoned by the past. For pragmatic reasons, Senator Lindsay Graham no longer wants the party to "reaffirm our support for a Constitutional amendment defining marriage as the union of one man and one woman," as they did at the 2012 Republican Convention. The most "American" vehicle isn't Built Ford Tough. It's not in jingles sung by John Mellencamp or Bob Seger, and it probably isn't kickin' up backroads dust somewhere in the Heartland.
comments powered by Disqus
Follow RTT