Norwegian energy and marine consultancy group ABL Group has agreed to acquire 100% shares in offshore engineering, consultancy, and software company AGR from Akastor.
"The purpose is to bolster ABL Group’s offering within well and reservoir consultancy, enhance the group’s position supporting operators’ digitalization and decarbonization plans, and expand its opex-driven offshore energy exposure," ABL Group said.
In addition to its oil and gas industry legacy, AGR’s specialist competence and software are also applied to decommissioning of offshore assets, carbon capture use and storage (CCUS), blue hydrogen, geothermal energy, and seabed minerals.
Akastor said it would, as part of the deal, receive a combination of shares in ABL Group and cash. Through this sale, Akastor will become a shareholder in ABL Group.
The transaction values AGR at NOK 262.5 million (currently around $24,3 million) on a cash and debt-free basis.
The equity purchase price of NOK 352.9 million, which includes a NOK 90.4 million adjustment for net cash and normalized net working capital in AGR is based on a "locked box" balance sheet as of December 31, 2022, Akastor said.
It will be settled as follows: NOK 272.5 million to be settled through the issuance of 18,166,667 ordinary ABL Group shares at a subscription price of NOK 15 per ABL Group share, representing 14.8% of outstanding shares post issue; and NOK 80.4 million, to be settled in cash on completion or, subject to certain conditions, within 20 business days of completion.
Subscribe
