October 28, 2019 / 3:55 PM / 2 months ago

Sandvik to sell 70% of Drilling and Completions

STOCKHOLM, Oct 28 (Reuters) - Swedish metal-cutting tools firm Sandvik said on Monday it had agreed to sell a 70% stake in its Drilling and Completions business in line with a strategy to focus on its core business.

It said it had agreed to sell the business’ operations relating to the oil and gas industry for 900 million crowns ($92.8 million) to private equity firm Blue Water Energy and Nixon Energy Investments.

“The transaction triggers a write-down of goodwill and other intangible assets in the estimated amount of 3,900 million crowns ($400 mln), to be reported in Sandvik’s financial statements in the fourth quarter,” it said.

Sandvik will keep the mining industry related part of Drilling and Completions, equivalent to the remaining 30%, it said in a statement.

$1 = 9.6951 Swedish crowns Reporting by Anna Ringstrom, editing by Helena Soderpalm

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