Cicsa set to buy 60% stake in Bronco

Expanding: Mexican billionaire Carlos Slim's company buys stake in Bronco Driling

Mexican construction player Cicsa has agreed to buy a 60% stake in the local unit of Bronco Drilling for $30 million to expand its oil services activities.



Cicsa, a unit of conglomerate Grupo Carso controlled by Mexican billionaire Carlos Slim, said in a filing with the Mexican Stock Exchange that it also will buy from Grupo Financiero Inbursa an option to buy 5.44 million Bronco Drilling shares.

Bronco Drilling said in a separate release that it obtained a $75 million revolving credit facility with Inbursa, which it is using to pay off existing debt and for working capital, Dow Jones reported.

Under the credit agreements, Bronco issued to Inbursa three-year warrants for up to 5.44 million Bronco shares.

Inbursa…

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