Aker — M&A Activity 2021

Sep 13, 2021

Aker ASA: Aker tenders its shares in Ocean Yield ASA in a recommended voluntary cash offer by Octopus Bidco, sponsored by KKR

Aker ASA: Aker tenders its shares in Ocean Yield ASA in a recommended voluntary cash offer by Octopus Bidco, sponsored by KKR

Ocean Yield ASA ("Ocean Yield") and Octopus Bidco AS (currently under name

change from WR Start Up 418 AS) ("Octopus Bidco"), a company indirectly wholly

owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates

("KKR"), announced today that an agreement has been reached for the launch by

Octopus Bidco of a recommended voluntary offer (the "Offer") for all outstanding

shares in Ocean Yield for a cash consideration of NOK 41.00 per share, (subject

to certain possible adjustments as described in their joint announcement). The

independent directors of the board of directors of Ocean Yield recommend the

Offer.

Aker Capital AS ("Aker Capital"), a wholly owned subsidiary of Aker ASA

(collectively referred to as "Aker"), holds 61.65% of the shares in Ocean Yield.

Aker Capital has irrevocably undertaken to accept the Offer for all its shares

on the first day of the offer period.

Aker has been the driving force behind the development of Ocean Yield since it

established the company in 2012. As an industrial investment company, Aker is

constantly reviewing strategic options related to its investments and has now

decided to sell its shares in Ocean Yield after having received an attractive

offer for the shares in the company. The sale will result in app. NOK 4.4

billion cash release to Aker, which will be deployed in further investments in

current and new business opportunities.

Aker Capital has further entered into an agreement with Octopus Bidco for the

sale of its 50% ownership interest in a joint venture with Ocean Yield holding

four LR2 product tankers with long-term charters to the Navig8 Group. Octopus

Bidco will pay USD 5,100,000 (subject to adjustment as more particularly

described in such agreement) to Aker Capital for the shares in the joint

venture. The agreement for the sale of the shares in the joint venture may be

terminated if the sale of shares in Ocean Yield by Aker Capital to Octopus Bidco

under the Offer is not completed.

The law firm BAHR AS acts as legal advisor to Aker in connection with the

transaction.

-ENDS-

For more information, please contact:

Atle Kigen, Head of Corporate Communications, Aker ASA

Tel: +47 90784878

Email: atle.kigen@akerasa.com

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Laila Hop, Paralegal, Aker

ASA, on 13 September, 2021 at 07:30 CEST.