Aker Completes Sale of Well-Intervention Services Business to EQT
Source: www.gulfoilandgas.com 1/9/2014, Location: Europe
Aker Solutions completed the sale of its well-intervention services business area to EQT, a Swedish private equity fund. The unit was sold for an enterprise value of NOK 4 billion and the agreement includes an earn-out provision where Aker Solutions will receive 25 percent of any internal rate of return exceeding 12 percent a year on EQT's equity investment. Aker Solutions will book a gain before any earn-out of NOK 1.8 billion in the first quarter of this year from the transaction. The sale was announced on November 22, 2013.