Norwegian oil-services investment company Akastor has sold its engineering consultancy and software firm AGR to energy and marine consultancy ABL Group in a cash-and-stock deal.
The deal will see Akastor become a shareholder in ABL. The transaction values AGR at NOK262.5m on a cash and debt-free basis. The equity purchase price of NOK 352.9m will be settled through the issuance of around 18,1m ABL ordinary shares worth NOK272.5m, representing 14.8% of outstanding shares and NOK80.4m in cash.
The transaction builds on ABL’s previous purchase of Add Energy. Following the completion of the transaction, expected on or around April 18, Add Energy will become part of AGR, which will continue as a stand-alone business line within ABL Group. The Oslo-based AGR has a well management track record that spans more than 550 oil and gas wells worldwide.
“This is a good fit for ABL Group. The acquisition gives ABL Group a strong position in well and reservoir consultancy, grows our position within digitalisation and energy transition solutions, and expands our services with a resourcing offering that is already well established in the oil and gas sector and positioned for growth within offshore wind,” said Reuben Segal, CEO of ABL Group.
