Akastor ASA: Akastor signs agreements to form joint venture for the AKOFS Offshore business
Akastor ASA (OSE: AKA) has today entered into a Share Purchase Agreement with MITSUI & CO., LTD, ("Mitsui") and Mitsui O.S.K. Lines, Ltd. ("MOL") for transfer of 50% of its shares in AKOFS Offshore in order to form a joint venture ownership.
The Share Purchase Agreement is entered into jointly with a Shareholders Agreement and includes the following main terms (the "Transaction"):
- Ownership: Each of Mitsui and MOL will purchase 25% of the shares in AKOFS Offshore from Akastor. The remaining 50% will continue to be owned by Akastor.
- Compensation: Initial net cash release for Akastor at time of transfer of the shares will be USD 142.5 million.
- Preferential rights linked to the operation of AKOFS Seafarer:
- Guaranteed preferred return to Mitsui and MOL during the first six years of operations, limited to about USD 46 million.
- Subject to certain operational criteria, Akastor may claim earn-out payments during the first seven years of operations, limited to USD 45 million.
Closing of the Transaction is subject to approval from competition authorities, and certain other customary conditions. Closing is expected to occur during Q3 2018. BA-HR lawfirm is acting as legal advisor for Akastor.
Further details on the Transaction and the operations of AKOFS Offshore are included in the attachment.
For further information, please contact:
Chief Financial Officer
Mobile: +47 917 86 291
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.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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