Australian-based mining technology company Imdex has agreed to acquire Norwegian rival Devico in a deal that values the latter at A$324m ($223m).

Imdex expects the acquisition of Devico’s portfolio of technologies to complement its own core business.

Employing 200 people, Devico is engaged in providing directional core drilling services and borehole surveying solutions.

It manufactures products for directional core drilling, core orientation, downhole navigation, drill rig alignment, and quality assurance/quality control data management.

Devico’s key management personnel has agreed with Imdex to reinvest a part of their proceeds from the deal by subscribing to the Australian mining firm’s shares.

Devico founder Victor Tokle said: “Our journey from our vision in 1988 to a ‘world leader in directional core drilling, borehole surveying and accompanying software’ will be accomplished by the proposed acquisition.

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“As Devico becomes a part of Imdex, this combination will certainly be the powerhouse within the industry. The product offering and the global presence are unique. We have recently launched several new products and have a strong technology pipeline, which is complementary to Imdex.”

The acquisition forms part of Imdex’s strategy to expand its core business in resources-focused exploration and development.

As part of its growth strategy, the firm is also considering expanding its technologies within the mining production market.

Imdex CEO Paul House said: “The addition of Devico will strengthen our position as the leading provider of advanced rock knowledge sensors.

“Notably, Devico’s flagship facility in Trondheim will become a key asset for Imdex – providing us with a new innovation and manufacturing hub for the European market.”

The deal is expected to close by the end of next month.