U.S. private equity firm Carlyle Group is quitting its decade-long mining services play in Australia through the A$517 million ($414 million) sale of its controlling stake in the highly leveraged earth-moving equipment provider Coates Hire.

Australian media billionaire Kerry Stokes’s Seven Group Holdings (SVW.AX) said it would buy the 53.3 percent stake it did not already own in Coates from the U.S. investment firm, sending Seven shares up as much as 10 percent in a slightly lower overall market.

Seven, of which Stokes owns three quarters, said it would also assume Coates’s net debts, which total about A$1 billion. It added that it would use the acquisition of Australia’s largest equipment company to boost its industrial services division.

Seven later announced a A$400 million equity raising to help pay for the purchase.

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