3rd Mar 2025 11:18
(Alliance News) - Hunting PLC on Monday said it has completed the sale of its 23% stake in Rival Downhole Tools LC for USD13.1 million.
Hunting shares jumped 6.8% to 331.00 pence in London on Monday morning.
The London-based manufacturer of equipment for the energy industry said the equity investment has been sold to an unnamed "third party".
Hunting will receive USD12.0million in cash, with USD1.1 million put in an escrow account. It will remain there until "any outstanding matters are resolved", which is expected to be within 12 months.
Chief Executive Jim Johnson said: "In line with the Hunting 2030 Strategy, we are committed to focusing on and strengthening our core businesses. With the proceeds from the sale of Rival, Hunting has additional funds to pursue strategic acquisitions, with management continuing to review accretive opportunities."
By Michael Hennessey, Alliance News reporter
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