Epiroc announced on Wednesday it has agreed to acquire the remaining shares of ASI Mining for an undisclosed price. The Swedish equipment manufacturer currently owns 34% of ASI, which it acquired in 2018.
ASI Mining, a subsidiary of Utah-based Autonomous Solutions Inc., is a provider of mining automation systems, such as remote control, teleoperation and fully autonomous solutions. Its solutions are OEM agnostic, meaning they work regardless of machine brand and fit well for mixed fleets. The solutions strengthen mine safety and productivity while lowering emissions and total cost of operation.
In 2023, ASI had revenues of about 300 million Swedish crowns ($28 million) in 2023.
“Epiroc and the innovative team at ASI Mining are already collaborating closely to bring the most advanced automation solutions to mining customers,” says Helena Hedblom, Epiroc’s president and CEO. “We look forward to complementing their solutions fully with our offering and together continue supporting customers on their automation journey.”
The acquisition of the remaining shares requires regulatory approval from US competition authorities, and is expected to be completed in the third quarter 2024. The parties have agreed not to disclose the purchase price as the transaction is not subject to a disclosure obligation pursuant to the EU Market Abuse Regulation.
The transaction will lead to a positive revaluation effect of the ownership held prior to the acquisition in the equipment & service segment, Epiroc said, adding that the gain will be reported as an item affecting comparability in the third quarter of 2024.