MOUNT ISA-based mining services firm Huddy’s has finalised the sale of Norbre Pty Ltd and Huddy’s Plant Hire Pty Ltd, their civil contracting, equipment hire and earth-moving divisions, with the help of law firm Dibbs Abbot Stillman.
The $250 million deal with Industrea Ltd (IDL) was “conducted very smoothly, for a deal of this size and complexity” according to Dibbs partner Derek Sutherland who acted with senior associate Alexa Sherpherd and solicitor Kelly Newston, out of Dibbs’ Brisbane office.
The final settlement took place over two days, with Deacons acting for IDL. “The positive economic climate currently enjoyed by the Australian mining industry in general contributed towards making Huddy’s businesses very attractive to IDL,” Sherpherd said.
IDL plans to retain the existing management team, while former owners Graham and Linda Huddy will take a significant portion of the sale price in IDL stock.