(Reuters) -Australian mining software firm RPMGlobal said on Monday that it has struck a deal to be acquired by heavy machinery giant Caterpillar for a total equity value of A$1.12 billion ($728.22 million). The news comes after Caterpillar had offered to buy the Australian company at A$5 per share in early September. RPM shares had […]
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Caterpillar to acquire Australia’s RPMGlobal for $728 million
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(Reuters) -Australian mining software firm RPMGlobal said on Monday that it has struck a deal to be acquired by heavy machinery giant Caterpillar for a total equity value of A$1.12 billion ($728.22 million).
The news comes after Caterpillar had offered to buy the Australian company at A$5 per share in early September. RPM shares had jumped to a high of near A$4.80 after the news but are last trading at A$4.75.
RPMGlobal, the last remaining mining software company listed on the ASX, is set to vanish from public markets following its acquisition by Caterpillar.
The move comes after rival Micromine was snapped up by the Weir Group in an A$1.3 billion deal, marking the end of an era for Australia’s homegrown mining tech players.
The deal would be closely scrutinized by the Foreign Investment Review Board and Australia’s competition regulator and would also require approvals from RPMGlobal’s shareholders.
($1 = 1.5380 Australian dollars)
(Reporting by Rishav Chatterjee in Bengaluru; editing by Diane Craft)