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1. Home
2. Finance & business
3. 29 December 2021
4. Perenti divests MinAnalytical to ALS Ltd
PERENTI DIVESTS MINANALYTICAL TO ALS LTD
Save to read list Published by Jessica Casey, Editorial Assistant
Global Mining Review, Wednesday, 29 December 2021 14:00
--------------------------------------------------------------------------------
Perenti has announced the divestment of MinAnalytical Laboratory Services
Australia Pty Ltd, a subsidiary of Perenti, to ALS Ltd. The total consideration
for the transaction is AUS$43.6 million in cash, being AUS$39 million for the
shares in MinAnalytical, plus AUS$4.6 million for prepayments and other
financial adjustments, and represents a premium to book value, which will be
offset against Perenti’s carry forward tax losses. The transaction is
anticipated to be completed prior to 31 December 2021.
The strategic divestment of MinAnalytical will have a slight negative impact on
consolidated EBIT(A) for FY22, however, Perenti’s previously announced FY22
guidance range remains unchanged.
Mark Norwell, Managing Director and CEO of Perenti, said: “The divestment is
part of the ongoing strategic review of the Company’s portfolio, including our
services, operating regions and businesses. As we continue to focus on
optimising the performance of our business and creating long-term sustainable
value for our shareholders, we are pleased to have entered into a binding
agreement for the divestment of our MinAnalytical business to ALS.”
“ALS is a premier provider of analytical testing data world-wide and has a track
record of acquiring and embedding complementary businesses and analytical
technology to deliver value for their clients. MinAnalytical, and the
significant new technology offering of the Chrysos PhotonAssay machines, is a
natural fit for the ALS portfolio and will benefit greatly from the synergies
and economies of scale that ALS can offer.”
“Following the transaction, Perenti will retain our 8% equity holding in Chrysos
because we, much like ALS, appreciate the significant current and future value
proposition that the Chrysos business represents.”
“In line with our significant focus on liquidity and capital management, the net
proceeds of this transaction will be allocated across our portfolio to maximise
shareholder value. We will continue to evaluate and progress a number of capital
management initiatives designed to generate cash flow, streamline our portfolio,
liberate cash, sustainably reduce our leverage ratio and efficiently allocate
capital across our business.”
“On behalf of the Group Executive and Perenti Board, I want to thank the
MinAnalytical team for their valuable contribution over the past 11 years and
wish them every success as they transition to ALS.”
Read the article online at:
https://www.globalminingreview.com/finance-business/29122021/perenti-divests-minanalytical-to-als-ltd/
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