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Compcom approves Rosond Holdings deal days after Saudi expansion
13 Jun 2024
The Competition Commission has granted approval for Main Street 2032 (BidCo2) to acquire Rosond Holdings, subject to certain conditions. BidCo2, a special purpose vehicle (SPV) specifically formed for this transaction and controlled by a trust that also holds a joint controlling interest in Rosond, will take over operations, including surface exploration, underground drilling, geotechnical engineering services, and in-house logistics and manufacturing.
Rosond has expertise in surface exploration and underground drilling
This acquisition will strengthen Rosond's international footprint, especially with approval coming on the heels of Rosond's recent announcement of a joint venture with Bin Harkil Saudi Arabia, forming Rosond Arabia.
The partnership between Rosond and Bin Harkil will bring a fresh approach to the exploration industry in Saudi Arabia, drawing on Rosond's extensive experience in drilling and Bin Harkil's local insights.
Rosond Arabia plans to meet ambitious standards in safety, efficiency, and innovation, in line with Saudi Arabia's Vision 2030 for sustainable growth.
The company aims to offer top-notch drilling, exploration, and geotechnical services while keeping an eye on reducing environmental impact and supporting the growth of local talent through various training and development opportunities.
With its move into the Arabian market, Rosond is looking to broaden its global reach and enhance its technological edge.
Growth on the horizon
By joining forces with BidCo2, Rosond is ready to step up its growth and provide more value to its customers around the world.
The Commission has given the green light to the deal after careful review, finding it's not expected to shake up the market competition too much.
Both companies have committed to supporting ownership by historically disadvantaged, which is a big plus for economic change.
BidCo2 and Rosond are making a smart play with this deal, setting themselves up for some solid growth and fresh ideas in the field.
Rosond's has a good reputation, especially with its new Saudi Arabia project, and with BidCo2 in the mix, they're in a strong position to boost their offering and reach even more customers.
The price tag on this deal is not public knowledge, but all indications point to the venture becoming a force in the mining and exploration game, maybe even changing up how things are done.
