Robit acquired Halco's operations in the US via an asset purchase in January 2017. Consequently, the latest acquisition complements and finalises the Halco acquisition. Hereby, Robit owns Halco's global operations, which were transferred from Caterpillar to private ownership around two years ago and further to two separate companies, one in the US and one in the UK.
As a result of the agreement, Robit has purchased 100% of the shares in Halco Drilling, which was established in 2016 and acts as a machine rental company for Halco Brighouse and Paddico (320). The agreed value of the transaction is €1,640,000 (US$1,723,230), which is paid entirely in new Robit shares.
Halco Brighouse operates in a modern factory built by Caterpillar, located in West Yorkshire, UK. The unit employs approximately 45 people. Halco Brighouse purchased Halco's operations in England in September 2016 due to a debt restructuring.
Robit has the right and obligation to purchase the rest of the shares (49%) owned by Halco Brighouse's management after a year on the basis of an option agreement.