Magazines Hydrocarbon Engineering LNG Industry
World Coal World Pipelines World Cement
Sign in | Subscribe |
Contact us | Newsletter
Aker Solutions has entered into a share purchase agreement (SPA) whereby it has agreed to transfer operations within its Process and Construction business area to Jacobs Engineering Group Inc. (Jacobs). The transfer does not include the US EPC centre in Houston, and the Union Construction business located in the US and Canada, which will all be part of the new Aker Contractors company. The transaction will allow the Process and Construction businesses included in the transfer to continue to grow under the new ownership. Aker Solutions will further concentrate its strategic efforts on its core oil and gas business.
The transaction value is estimated to be approximately NOK 5.5 billion (US$ 913 million), subject to closing adjustments. The consideration will be settled in cash at completion. Completion of the transaction will be subject to relevant merger control clearances. The parties expect to complete the transaction during Q1 2011.
For Aker Solutions, the transaction is expected to have a positive net cash effect of approximately NOK 3.8 billion (US$ 634 million), and a cash to treasury effect of approximately NOK 4.2 billion (US$ 701 million). Net gain for Aker Solutions compared to book value of the businesses is estimated to be a total of NOK 2.4 billion (US$ 400 million). Aker Solutions will continue to operate the Process and Construction business area operations included under the SPA until the transaction has been completed.
View more of the latest upstream news
View more of the latest downstream news
View more of the latest pipelines news
Palladian Publications publishes five international B2B magazines targeted specifically
at the global energy sector. Each title provides its subscribers with a unique industry
insight via a combination of news, reviews, comments, analysis, regional reports,
case studies, technical articles and more. Magazines include Oilfield Technology,
World Coal, Hydrocarbon Engineering, World Pipelines and LNG Industry.
Would you like to receive Oilfield Technology magazine for FREE?
Every issue includes technical articles, news reports, regional features and much more...
YES, send me my free magazine now »
No, I don't want to keep up-to-date with the latest upstream news