Finnish Wartsila One Step Closer to Hamworthy Acquisition

Wärtsilä Corporation announced that it has reached agreement with the Board of Hamworthy plc , a UK listed engineering company focussed on the marine and oil and gas sectors, in regards to a recommended cash offer for the acquisition of Hamworthy.

Under the terms of the acquisition Hamworthy shareholders should receive 825 pence in cash for each Hamworthy share valuing Hamworthy’s entire issued and to be issued share capital at approximately GBP 383 million. This represents an EV / LTM EBITDA multiple of 14.3x as per 30 September 2011. The acquisition is conditional on the approval by the shareholders of Hamworthy. The acquisition is expected to be closed during the first quarter in 2012. The acquisition is subject to relevant regulatory approvals in Germany and Norway.

“Combining Hamworthy and Wärtsilä will allow both organisations to broaden and enhance their capabilities in rapidly evolving offshore, marine gas applications as well as environmental solutions markets. Both Hamworthy and Wärtsilä will benefit from technology sharing and optimised R&D to enhance position for the global marine and offshore markets.” said Wärtsilä in its press release.

Wärtsilä has a global footprint with operations in 70 countries across the world and significant financial scale, which will allow it to expand the geographic and customer reach of Hamworthy’s products.

Björn Rosengren, CEO, Wärtsilä Corporation, commenting on the acquisition, said:

“We believe strongly in marine gas markets and the opportunities in the rapidly evolving environmental markets. Combining our resources with Hamworthy, we will be able to offer customers a broader portfolio of economically efficient, reliable and environmentally sustainable products and systems. We recognise the success achieved to date by Hamworthy and we are confident that our global presence, scale and resources will enable Hamworthy to accelerate its growth and exploit its full potential, particularly in the early stage environmentally sustainable technologies. We look forward to working with the management and employees of Hamworthy to combine our expertise and experience for the benefit of our customers around the globe as well as for the benefit of our shareholders.”

Gordon Page, Non-Executive Chairman, Hamworthy plc, commenting on the Acquisition said:

“The Board believes this is an attractive offer for Hamworthy shareholders, reflecting the strengths of Hamworthy’s global positions and its growth prospects. Hamworthy is an innovative, global engineering company, providing high technology products, systems and services to the marine and oil and gas sectors. The combination with Wärtsilä represents a strategic transaction, and Wärtsilä has committed to providing continued stability and opportunity for our employees within the Wärtsilä Group and the continued development of Hamworthy’s extensive product and service offering for Hamworthy’s customers.

I would like to thank all the Hamworthy Directors and employees for their contribution to the success of the company, which I am confident will continue under Wärtsilä’s ownership.”

Offshore Energy Today Staff , November 22, 2011

Share this article

Follow Offshore Energy Today

One thought on “Finnish Wartsila One Step Closer to Hamworthy Acquisition”

Comments are closed.

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply