Norwegian maritime and marine technology provider Hav Group has called off the takeover of compatriot Høglund Marine Solutions, a provider of sustainable automation services and LNG fuel gas systems.
A letter of intent was signed in June between the two parties for the acquisition, which HAV said was a strong strategic fit for its subsidiary Norwegian Electric Systems and opportunity for HAV Hydrogen to utilise Høglund’s fuel gas technology to provide future energy systems.
In a filing to the Oslo Stock Exchange, the Fosnavåg-based company said: “Following a holistic and thorough assessment of the potential acquisition, HAV Group has decided not to progress further with the transaction, and the letter of intent has subsequently been terminated.”
Gunnar Larsen, CEO of HAV Group added that although the process was “transparent and solution-oriented” the two companies have not been able to reach the necessary agreement on final terms.
HAV Group was formed last year, when HAV Design, HAV Hydrogen, Norwegian Electric Systems and Norwegian Greentech joined forces to collaborate on forward-looking energy-efficient solutions.
