SYDNEY, AUSTRALIA: Veracio Ltd, a subsidiary of Boart Longyear Group Ltd (ASX:BLY), has announced that it has entered into a definitive agreement to acquire Minalyze AB, a Swedish company that specializes in XRF core scanning instruments and software for visualisation of geological data.

The deal, which is valued at US$29.3 million, is expected to close on 20 September 2023. The acquisition will be funded by a combination of cash and promissory notes that are convertible into shares in Veracio.

Veracio is a leading provider of advanced analytical solutions for the mining and exploration industry. The company aims to leverage the synergies between Minalyze and its own scientific and technological capabilities to create a product portfolio that goes beyond anything previously available.

“This strategic transaction creates immense possibilities for Veracio and Minalyze, where combined expertise will be used to push boundaries that can produce a product portfolio going beyond anything previously available,” said JT Clark, Veracio Chief Executive Officer.

Minalyze co-founders Annelie Lundström and Mikael Arthursson will join Veracio’s leadership team upon completion of the acquisition. Minalyze employees will also transition to Veracio’s operations.

“Joining Veracio is an exciting chapter for us and together, we believe this combination will enable us to radically accelerate what we’ve both achieved to date. The combination should also provide unique value to our customers while pushing the industry forward in ways not seen before,” said Annelie Lundström.

Minalyze is a world leader in XRF core scanning instruments and software for visualisation of geological data. The company’s products enable fast and accurate analysis of drill core samples, providing valuable insights for mineral exploration and resource estimation.

The acquisition of Minalyze is expected to enhance Veracio’s position as a global leader in advanced analytical solutions for the mining and exploration industry. The transaction will also expand Veracio’s geographic presence and customer base in Europe and other regions.

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