Anglo sells Boart Longyear

LONDON – Global mining group Anglo American said yesterday it had agreed to sell mining equipment unit Boart Longyear to private equity group Advent International for an enterprise value of US$545 million (N$3,7 billion).

“This transaction is part of our ongoing strategy of optimising our asset base,” Anglo American Chief Executive Tony Trahar said in a statement. Anglo American shares were down 0,5 per cent at 13,16 pounds in London.The company said it would use proceeds from the sale for “general corporate purposes.”In March, Anglo American said it had received a number of approaches for Boart Longyear as it looked to sell non-core assets.Boart Longyear is headquartered in South Africa and comprises over 40 operating companies.- Nampa-ReutersAnglo American shares were down 0,5 per cent at 13,16 pounds in London.The company said it would use proceeds from the sale for “general corporate purposes.”In March, Anglo American said it had received a number of approaches for Boart Longyear as it looked to sell non-core assets.Boart Longyear is headquartered in South Africa and comprises over 40 operating companies.- Nampa-Reuters