Aker Solutions has completed the transfer of ownership of subsidiary Aker Marine Contractors (AMC) to Singapore listed Ezra Holdings Ltd.
Aker Solutions confirms the transaction details given in the announcement on 22 October 2010.
In the transaction, AMC is valued at USD 250 million. Ezra has settled the transaction by paying Aker Solutions USD 50 million in cash, USD 100 million in shares in Ezra Holdings Ltd, and USD 50 million in a convertible bond with maturity after 36 months. The share instruments have been valued on weighted average price per share over the last 30 days preceding signing.
The final USD 50 million plus interest will be settled in cash on and subsequent to delivery of the AMC Connector vessel(photo).
Upon delivery of AMC Connector, Ezra will take 50 percent ownership in the vessel owning company. The other half will remain under Aker Solutions ownership.
Source:AkerSolutions, March 1, 2011;