Edition:
India

Akastor says First Geo to merge with AGR


Friday, 7 Dec 2018 

Dec 7 (Reuters) - Akastor ASA ::AKASTOR ASA: FIRST GEO AND AGR COMBINE TO CREATE LEADING PROVIDER OF WELL-, RESERVOIR- AND SOFTWARE SERVICES.MERGED COMPANY WILL BE NAMED AGR.MERGED COMPANY WILL ROLL OVER NOK 270 MILLION OF DEBT OF WHICH DNB, NORDEA AND AKASTOR WILL HOLD NOK 90 MILLION EACH.AKASTOR WILL HOLD 100% OF SHARES IN COMPANY AND 55% OF ECONOMIC INTEREST. AGR STAKEHOLDERS WILL OWN REMAINING 45% ECONOMIC INTEREST.ON A CONSOLIDATED BASIS, MERGED COMPANY WOULD HAVE TOTAL YEAR-TO-DATE REVENUES OF NOK 500 MILLION, EBITDA OF NOK 18 MILLION.MERGED COMPANY WILL BE LED BY SVEIN SOLLUND, CURRENT CEO OF AGR.CLOSING IS EXPECTED TO TAKE PLACE AT END OF 1Q 2019.AGR WILL BE CONSOLIDATED IN TO AKASTOR ASA'S FINANCIAL REPORTING POST-CLOSING. 

Company Quote

8.71
0.21 +2.47%
6 Dec 2019