Mitsui & Co. has acquired a massive stake in Australian mining equipment rental company National Plant & Equipment for more than $100 million.
The Japanese company acquired a 49.9% stake in the Australian firm to gain a greater foothold in the Australian market.
According to National Plant and Equipment founder Mark Ackroyd the deal will also bolster National's position.
"This deal greatly boosts our potential growth; with Mitsui & Co. as a partner, we have the potential to become of the largest suppliers of rental equipment to the mining industry," Ackroyd said.
"Our new partnership could also see National Plant & Equipment expand its reach in Australia and potentially globally.
A Mitsui representative explained that the acquisition of the National stake gave the company the opportunity to quickly gain a foothold in the relatively tight mining equipment rental business in Australia.
The actual price of the deal remains undisclosed.