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Foraco Int'l SA Acquires 51% Of WFS Sondagem - Quick Facts

4/23/2012 6:54 AM ET

Foraco International SA (FAR.TO: Quote) announced the acquisition of 51% of Brazilian mineral drilling services company WFS Sondagem LTDA, or "Servitec" for an amount of approximately US$43 million through a combination of cash and Foraco shares.

On April 16, 2012 , Foraco said its shareholders approved the issuance of 3.52 million new shares to bring the total number of shares to 82.95 million on a fully diluted basis.

With this acquisition, Foraco said it has a total of 278 rigs in 23 countries served by 3600 employees, spanning five continents.

With 86 rigs, Servitec generated approximately US$70 million in revenue in 2011, with an EBITDA margin of 23%.

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by RTT Staff Writer

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