Aker Solutions To Transfer Process and Construction Businesses

Source: ChemicalProcessing.com

Jan 03, 2011

Aker Solutions has entered into a share purchase agreement whereby it has agreed to transfer operations within its Process and Construction business area to Jacobs Engineering Group Inc. The transfer does not include the US EPC center in Houston, and the Union Construction business located in the US and Canada, which will all be part of the newly created Aker Contractors company. The transaction will allow the Process and Construction businesses included in the transfer to continue to grow under the new ownership. Aker Solutions will further concentrate its strategic efforts on its core oil and gas business.

The transaction value is estimated to be approximately US$ 913 million, subject to closing adjustments.

The acquisition is subject to the relevant regulatory approvals and the parties aim to complete the transaction in the first quarter of 2011.

For more information, visit: http://www.akersolutions.com

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