SYDNEY, AUSTRALIA: Orica, a global leader in mining and infrastructure solutions, has agreed to buy Terra, a Canadian company that offers advanced sensors and data technology for monitoring projects, for CAD$505 million.

The deal, which is expected to close in the first half of 2024, will be funded by cash and debt, and will not affect Orica’s credit ratings. Orica’s outlook for 2024 remains unchanged, while Terra’s earnings will be offset by integration costs and other expenses.

Orica Managing Director and CEO Sanjeev Gandhi said: “I am delighted to announce the acquisition of Terra today, a business that Orica has had a long-standing commercial relationship with for almost ten years”.

“Terra is highly complementary to Orica Digital Solutions and our GroundProbe business, adding additional products and capability across the mining and civil infrastructure value chains.

The acquisition allows Orica to offer a more complete geotechnical offering to customers as well as adding an established stream of recurring software revenue.”

“This acquisition strongly aligns with our Digital Solutions strategy and growth in mining and infrastructure. We are excited about the medium to long term opportunities this will create for Orica.”

Mark Price, CEO of Terra said: “We are excited to partner with Orica for Terra Insight’s next chapter of growth.

Given our strong working relationship with Orica for nearly a decade, this combination is a great next step to in the evolution of our end-to-end sensor and data delivery platform through working closely with Orica’s Digital Solutions and GroundProbe businesses. This is a level of collaboration that is global-minded and future-focused.

Importantly, this transaction meaningfully enhances the solutions we can collectively provide to our valued customers, and expand geographically across the mining and civil infrastructure markets”.

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