Austin to acquire mining equipment company Mainetec for AU$19.6 million

Austin Engineering Limited (ASX: ANG) announced that it had signed a binding agreement to buy Mainetec Pty Ltd for an initial amount of AU$19.6 million. The initial amount will be funded via cash reserves and debt. Three more earn-out payments will be made if the company succeeds in agreed performance hurdles in the three years after completion.

After this transaction, Austin will get access to Mainetec's Hulk range of high-performance mining buckets, increasing the potential customer base in all of Austin's markets. The transaction is anticipated to be more than 20% accretive to Austin's FY23 forecast broker consensus-based EPS, comprising synergies in each case on a full-year basis.

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