Babylon Pump & Power (ASX: BPP) is set to enhance its water management solutions through the acquisition of Matrix Hydro Services. The agreement involves a $2 million cash outlay and $500,000 in Babylon shares for 100% ownership of the Perth-based company. Matrix Hydro Services is known for its aquifer testing, groundwater monitoring, and equipment deployment within the Western Australian mining sector.
The acquisition aligns with Babylon’s strategy to offer integrated services to Tier 1 mining clients. According to Babylon CEO Michael Shelby, the deal combines specialized diagnostic services with existing rental and maintenance platforms. Matrix founders Blair McDiarmid and Michael Townley will join Babylon’s management team. Babylon has also announced an accelerated non-renounceable entitlement offer to raise $3.5 million, with a key shareholder group intending to take up $1.08 million worth of entitlements. Shelby noted that the acquisition is part of a broader inorganic growth strategy.
