Field Solutions Holdings (ASX:FSG) has entered into a binding heads of agreement to sell its mining customer base to PIT Mining IT, according to a Tuesday Australian bourse filing.
The deal has a sale value of about AU$5 million, subject to working capital and other adjustments, of which about AU$2 million is subject to performance conditions, the filing added.
The company expects a reduction of AU$4.8 million in operating expenses and AU$12 million in gross revenue associated with the sale as the company aims to reduce revenue concentration and high capital expenditure risk.
The sale is subject to the finalization of a business sale agreement on or before March 1, the filing said.
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