Australian firm Everyday Mining Services (EDMS) has entered into a binding agreement to merge with Hughes Drilling.
Under the terms of the agreement, EDMS will acquire 100% of Hughes, which will include Hughes Drilling and Express Hydraulics business.
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EDMS will issue 721 million ordinary shares and 360 million performance shares to Hughes Drilling.
Hughes Drilling is a premier coal production drilling specialist with a drilling fleet of 24 production rotary drill rigs, which operates at eight mine sites.
Express Hydraulics is a drill rig maintenance and parts supplier and the Australian distributor of Reichdrill, a premium blast hole drill manufacturer based in the US.
On completion of the merger, the name EDMS will be changed to Hughes Mining Services.
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By GlobalDataThe Hughes Drilling drill fleet is comprised of 24 production rotary drill rigs, the majority of which are Reichdrill rigs that are under three years old.
