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%.
by RTT Staff Writer
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