Akastor ASA: Akastor agrees to sell KOP Surface Products to The Weir Group PLC
(Thomson Reuters ONE) -
Akastor ASA (OSE: AKA), an oil service investment company, has entered into a
definitive agreement to sell KOP Surface Products ("KOP") to The Weir Group PLC
("Weir") (LON:WEIR) for USD 114 million on a debt- and cash-free basis. KOP is
headquartered in Singapore and is a supplier of surface wellheads, trees, valves
and actuators to the oil and gas industry.
"KOP has done an excellent job in recent years of improving operations and
expanding its footprint while adapting to challenging market conditions," says
Kristian Røkke, CEO of Akastor. "Weir is an ideal owner of KOP and is well
positioned to take the company to the next level. We are pleased with the value
created for Akastor through this transaction and would like to thank Gordon
Cameron and the KOP organization for their contributions."
"We are thankful for the support Akastor has given us over the past few years
which has put us in a position where we see exciting future opportunities for
our business. We look forward to the next part of our transformation journey
together with Weir," says Gordon Cameron, CEO of KOP Surface Products.
The transaction will generate an estimated accounting gain of approximately NOK
700 million to Akastor to be recognized upon closing, expected to occur in Q3
2017. The completion of the transaction is subject to customary closing
conditions. BA-HR lawfirm has acted as legal advisor.
- END -
Media Contact:
Akastor
Tore Langballe, Head of Communications
+47 907 77 841
tore.langballe(at)akastor.com
About Akastor
Akastor is a Norway-based oil-services investment company with a portfolio of
industrial holdings and other investments. The company has a flexible mandate
for active ownership and long-term value creation.
About The Weir Group PLC
Founded in 1871, Weir is one of the world's leading engineering businesses
providing mission-critical equipment and aftermarket solutions to energy and
natural resources customers in more than 70 countries. The group, which employs
around 14,000 people, comprises three divisions: Minerals; Oil & Gas; and Flow
Control, and is headquartered in Glasgow, Scotland, UK.
Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN) and
its American Depositary Receipts trade over-the-counter in the USA (ticker:
WEGRY).
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
KOP Appendix:
http://hugin.info/77/R/2112375/803424.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Akastor ASA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 12.06.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 547332
Anzahl Zeichen: 3218
contact information:
Town:
Lysaker
Kategorie:
Business News
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