Akastor ASA (OSE: AKAST) has today entered into a share purchase agreement with
ABL Group ASA (OSE: ABL) ("ABL Group") for the sale of all shares in AGR AS
("AGR") against a combination of shares in ABL Group and cash. Through this
sale, Akastor will become a shareholder in ABL Group, which offers independent
energy and marine consultancy to the global renewables, maritime and oil and gas
sectors.
"Since Akastor's entry into AGR, through the combination with First Geo in 2019,
the company has delivered consistent growth and profitability. The combination
of AGR and ABL Group creates a company with a large global client base and a
more suitable financial platform for growth. We look forward to participating in
the next phase of AGR's growth, now as shareholders in ABL Group," says Karl
Erik Kjelstad, CEO of Akastor ASA.
"This is a good fit for ABL Group. The acquisition gives ABL Group a strong
position in well and reservoir consultancy, grows our position within
digitalisation and energy transition solutions, and expands our services with a
resourcing offering that is already well established in the oil and gas sector
and positioned for growth within offshore wind," says Reuben Segal, CEO of ABL
Group.
THE TRANSACTION
The transaction values AGR at NOK 262.5 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 31 December 2022, and will be
settled as follows:
· NOK 272.5 million to be settled through issuance of 18,166,667 ordinary ABL
Group shares (the "Consideration Shares") at a subscription price of NOK 15 per
ABL Group share, representing 14.8% of outstanding shares post issue