7th Jul 2015 06:56
LONDON (Alliance News) - 3i Infrastructure PLC Tuesday said it has partnered with investment house AMP Capital to acquire ESVAGT, an emergency rescue and response vessels provider to the offshore oil and gas industry, from Danish conglomerate Maersk Group.
3i Infrastructure, which is advised by FTSE 100 private equity company 3i Group PLC's 3i Investments PLC, said it is investing about GBP109 million for a 50% stake in the Danish company, equal to AMP's shareholding.
ESVAGT, which has been operating since 1981 and employs more than 800 people, provides its services in and around the North Sea and the Barents Sea.
The deal is expected to complete by the end of September. It required clearance from the European Commission, the European Union's executive arm, under merger regulation.
"ESVAGT has a successful history in its core markets, Denmark and Norway. With a strong and defensible market position, the business is well placed to replicate its success in overseas markets and leverage its expertise to expand in the offshore wind sector," Ben Loomes and Phil White, Managing Partners and Co-heads, Infrastructure, 3i Investments, said in a joint statement.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
3i Group3i Infrastructure