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Mexican construction concern Cicsa (CICSA.MX) said Monday that it has agreed to buy a 60% stake in the local unit of Bronco Drilling Company Inc. (BRNC) to expand its oil services activities.

Cicsa, a unit of conglomerate Grupo Carso (GPOVY) controlled by Mexican billionaire Carlos Slim, said in a filing with the Mexican Stock Exchange that it also will acquire from Grupo Financiero Inbursa (GFINBUR.MX) 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's using to pay off existing debt and for working capital.

Under the credit agreements, Bronco issued to Inbursa three-year warrants for up to 5.44 million Bronco shares. Inbursa also is controlled by Slim.

The joint venture, Bronco Drilling MX, will provide oil and gas drilling services in Mexico and Latin America.

It has six drilling rigs, ancillary equipment, and profits from two current drilling contracts with Mexican state oil monopoly Petroleos Mexicanos, Bronco said. The company said it will contribute three more rigs to the joint venture when those contracts are completed.

Cicsa B-1 shares trading on the Mexican stock market were up 3.9% at 6.94 pesos ($0.52) at about 9:50 a.m. EDT. Bronco shares were recently up 2 cents at $5.88.

-By Anthony Harrup, Dow Jones Newswires; (5255) 5001 5727, anthony.harrup@dowjones.com