SYDNEY - [AAP] Explosives and industrial chemicals maker Orica (ASX: ORI) has signed a deal to buy mining technology company GroundProbe Holdco for $205 million.

Orica says the purchase from Crescent Capital Partners will be funded in cash from existing debt facilities and is expected to deliver earnings per share growth in the first full financial year of ownership.

GroundProbe is a monitoring and measurement technology that improves mine productivity and safety.

Orica chief executive Alberto Calderon said GroundPro would enable the company to expand the digital solutions it can offer to help customers improve safety, productivity and environmental outcomes.

"The integration of GroundProbe's market leading technologies will further consolidate our position as the industry leader in digitally enabled blasting solutions to the mining industry," Mr Calderon said.

The acquisition is subject to closing conditions and is expected to be completed in the first quarter of 2018.

Orica shares were down 10 cents, or 0.6 per cent, at $18.02 at 1111 AEDT on Wednesday.

 

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