Wilhelmsen Maritime Services (WMS) has agreed to sell its subsidiary Callenberg Technology to Trident Maritime Systems for a net price of around $64m.
The sale will be financed with $41m in cash and a seller-financing package of $23m, which will incur a $12m loss on WMS’s net profit.
“We have in Trident and their principal, JF Lehman & Company, found a strong new owner of Callenberg. Having a new owner that operates within the same technology areas creates a perfect environment for employees, customers and future growth of Callenberg with Trident,” Dag Schjerven, president and CEO of WMS, said in a release.
Trident’s CEO, Tom Eccles, said the “natural” combination would expand his company’s technical capabilities and geographic reach.
“Combining the rich history and strong reputation of Callenberg and Trident, will create a market leader in the provision of marine systems to the global market,” he added.