Thiess Pty Ltd entered into a binding share sale and purchase agreement to acquire Pybar Holdings Pty Limited from Metarock Group Limited (ASX:MYE) for AUD 36.3 million on March 18, 2024. Total consideration for the transaction is AUD 65 million on an enterprise value basis. Metarock estimates net cash proceeds from the transaction will be approximately AUD 36.3 million, after deducting PYBAR?s outstanding debt and estimated transaction costs.

The final net proceeds are also subject to a customary net working capital adjustment at completion. Post Transaction, Thiess will continue to operate the business under the PYBAR brand and intends to retain PYBAR employees. Under the terms of the SPA, all PYBAR employees will transfer with the business, including the senior management team led by James Glover, PYBAR CEO.

Completion is subject to satisfaction or waiver of a number of conditions including a limited number of third party consents in respect of key customer contracts and leases, there being no material breach or termination of certain key customer contracts, and there being no workplace fatality of any PYBAR employee or contractor during the period before completion. Completion of the transaction is expected to occur on April 30, 2024. The cash proceeds from the sale will materially strengthen the balance sheet of Metarock and provide a platform for Thiess to capitalize on the significant growth pipeline across its remaining business units, Mastermyne, Wilson Mining and MyneSight.

Grant Samuel Group Limited is acting as the financial advisor and Corrs Chambers Westgarth is acting as the legal advisor to Metarock Group Limited (ASX:MYE). Squire Patton Boggs is acting as the legal advisor to Thiess Pty Ltd. As on April 24, 2024 the expected date of acquisition is on May 31, 2024.