Advanced Logic Technology (ALT) – a Luxembourg business specialising in high-tech geophysical instruments and software for the mining, geotechnical, water, and energy industries – announced on Monday it has entered into a binding agreement for a takeover by Australia’s Imdex ltd.

The deal for Imdex to buy 100% of ALT shares was announced by its shareholders and includes both ALT and its subsidiary Mount Sopris Instruments in Colorado, USA. Imdex is listed in Australia and is a global leader in the mining technology sector.

The announcement represents a major commitment to Luxembourg’s technology ecosystem, a press release saidm flagging the Grand Duchy’s ongoing role as a hub in the field, built on its iron ore and steel legacy.

“For over 30 years, ALT has delivered precision, reliability and innovation in borehole imaging and downhole measurement,” said ALT founder Jean-Luc Deltombe. “Imdex’s acquisition is a proud moment for me, my fellow shareholder Annick Henriette, our management, and all our staff.”

Deltombe stepped back from day-to-day involvement in 2023, while Henriette retired earlier this year. The acquisition was facilitated by PwC Luxembourg.

The value of the deal is is €75.8 million, comprising an upfront payment of €55.8 million and a “performance-linked deferred consideration” of up to €20 million, the company confirmed to the Luxembourg Times by email. The group currently has 50 employees, comprising 22 employees at ALT in Luxembourg and 28 at MSI in Denver.

Imdex is said to have entered the deal in order to combine its integrated subsurface intelligence platform with ALT’s borehole logging instruments and software, “creating the industry’s most advanced solution for exploration and development,” the press release said. 

Mount Sopris Instruments, based in Denver, Colorado, is a leading manufacturer and distributor of borehole geophysical equipment and software for subsurface investigations, with a strong reputation for reliability and innovation.