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Major Drilling Group (TSX: MDI) announced that, through its Australian subsidiary, it has acquired the Bunbury Drilling Company (BDC), a specialized mine dewatering drilling contractor based in Western Australia. The stock rose.
Major Drilling paid an upfront cash amount of $50 million (C$48.97 million), with an additional $20 million made available over a three-year earn-out period. The company says the purchase price will be funded through its existing position and debt facilities. As part of the deal, BDC’s management team will remain in place.
“We are very excited to welcome BDC and its employees into the Major Drilling group,” said Denis Larocque, Major Drilling’s president and CEO. “BDC has a strong reputation in Australia, particularly among major mining companies, which has been built on decades of delivering innovation and high-quality services to its clients.”
“After more than 70 years and three generations as a family business, we are proud to see BDC become part of Major Drilling,” said Jason Linaker, BDC’s principal. “This transaction honours our family legacy while opening an exciting new chapter.”
Shares in Major Drilling lifted 7.21% to C$15.16 apiece Monday morning in Toronto.
Sector growth
In the twelve months leading up to June 30, 2026, BDC generated a revenue of about $43 million and an adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of about $15 million. Major Drilling says that given the highly specialized nature of dewatering drilling, it expects the segment to offer higher gross and EBITDA margins than conventional or underground drilling.
“This acquisition is directly aligned with our strategic plan, allowing us to offer a new line of highly specialized drilling services to senior companies in an established market, diversifying our revenue streams and expanding on existing relationships,” Larcoque added.