Akastor - M&A Activity 2018 | FinancialReports.eu

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:

Leif Borge

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.

AI assistant