National Oilwell Varco absorbs Fjords Processing

Akastor ASA, an oil service investment company, has completed the sale of Fjords Processing to National Oilwell Varco (NOV).

The definitive sales agreement between the parties signed on October 27, 2016, was for a debt- and cash-free consideration of NOK 1.2 billion ($145.2 million).

The transaction provided an accounting gain of approximately NOK 650 million to Akastor which will be recognized in the fourth quarter results. The sale is expected to release approximately NOK 1,150 million in cash for Akastor.

The closing of the transaction took place on Friday, December 16 after clearance from Norwegian and Korean competition authorities and fulfillment of all closing conditions under the terms and conditions described in the announcement in October.

During the transaction process, Carnegie acted as an exclusive financial adviser to Akastor while BA-HR lawfirm acted as a legal advisor.

To remind, also in October, Akastor entered into a definitive agreement to sell another business unit, Frontica Business Solutions, to Cognizant. Akastor agreed to sell Frontica for a consideration of NOK 1,025 million (around $128.7M) on debt- and cash-free basis.

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