Aker Solutions In Share Purchase Deal With Jacobs Engineering
December 22 2010 - 3:07AM
Dow Jones News
Norwegian engineering services firm Aker Solutions (AKSO.OS)
said Wednesday it has agreed a share purchase deal with Jacobs
Engineering Group Inc. (JEC), valued at approximately 5.5 billion
Norwegian kroner ($913 million), to transfer operations within its
process and construction business to the U.S. professional
technical services firm.
The transfer doesn't include the U.S. EPC centre in Houston and
the Union Construction business located in the U.S. and Canada,
which will be part of the new Aker Contractors company.
Completion of the transaction will be subject to relevant merger
control clearances and the parties expect to complete the
transaction during the first quarter of 2011.
For Aker Solutions, the transaction is expected to have a
positive net cash effect of approximately NOK3.8 billion, and a
cash to treasury effect of approximately NOK4.2 billion.
The net gain for Aker Solutions, compared to the book value of
the businesses, is estimated to be a total of NOK2.4 billion.
Aker Solutions will continue to operate the process and
construction business area operations included under the share
purchase agreement until the transaction has been completed.
-By Jens Hansegard, Dow Jones Newswires; +46-8-5451-3095;
jens.hansegard@dowjones.com
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