U.S. investment firm Kohlberg Kravis Roberts (KKR) has agreed to buy Norwegian ship owning company Ocean Yield for 7.2 billion Norwegian crowns ($829 million), the two companies said in a joint statement on Monday.
KKR's bid of 41 Norwegian crowns per share represented a 26% premium over Ocean Yield's closing price on Friday of 32.54 crowns.
Ocean Yield's board supported the bid, and its top owner, Norway's Aker ASA, said it had agreed to sell its 61.65% stake to KKR.
Ocean Yield is itself an asset investment firm that owns a fleet of 63 vessels, including oil tankers, liquefied natural gas (LNG) carriers, container ships, [offshore vessels, and an FPSO] which are rented to shipping companies operating them on long-term charters.
"Aker is constantly reviewing strategic options related to its investments and has now decided that it is time to let a new owner continue the growth journey," Aker Chief Executive Øyvind Eriksen said.
DNB Markets advised Ocean Yield on the deal while Arctic Securities advised KKR.
($1 = 8.6872 Norwegian crowns)
(Reporting by Terje Solsvik; Editing by Kim Coghill and Edmund Blair)