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BRIEF-Akastor unit to merge with NES, takes 15.2 pct stake
December 8, 2016 / 7:09 AM / a year ago

BRIEF-Akastor unit to merge with NES, takes 15.2 pct stake

Dec 8 (Reuters) - Akastor Asa

* Frontica Advantage joins NES Global Talent to create a leading staffing service provider for the oil and gas sector

* Says Akastor will become a shareholder in combined company

* Combination creates a global leader in staffing services to oil and gas industry

* Revenues of combined company for last twelve months ending September 2016 were usd 1,063 million and EBITDA of usd 57 million for last twelve months ending September 2016

* Completion of transaction is subject to customary closing conditions, including competition filing in Norway

* Entered into a definitive agreement with owners of NES global talent (NES) to join its Frontica Advantage (advantage) business with NES

* Initially Akastor will receive a 15.2% ownership position in combined entity with potential to increase its ownership depending on growth of Advantage over next three years

* Transaction will generate an estimated accounting gain of approximately nok 430 million to Akastor

* Closing of transaction is expected to take place in q1 2017.

* ABG Sundal Collier asa has acted as exclusive financial adviser to Akastor and BA-HR lawfirm as legal adviser Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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