3i Infrastructure plc and AMP Capital, two international infrastructure investors, announced that they have entered into an agreement to jointly acquire 100% of Danish company ESVAGT from Maersk Group and ESE-Holding A/S. The sale amounts to a value of DKK4.1bn ($610m).
ESVAGT provides offshore safety and support services to the shipping and oil and gas industry.
”ESVAGT is a sound, well-run company with an exceptional operational excellence, and we have assessed how we best serve ESVAGT’s long-term interest, as they are not part of the Maersk Group’s core business. The sale to 3i Infrastructure plc and AMP Capital has proven to be the best way of ensuring that ESVAGT can continue its development based on a strong culture and heritage, while at the same time creating value for the shareholders,” said Maersk Group CFO and Chairman of the Board in ESVAGT, Trond Westlie.
Ben Loomes and Phil White, Managing Partners and Co-heads, Infrastructure, 3i Investments plc said, “We are pleased to be investing in ESVAGT, a leading provider of emergency rescue and response vessel services to a diverse customer base in the offshore oil and gas industry. ESVAGT has a successful history in its core markets, Denmark and Norway. With a strong and defensible market position, the business is well placed to replicate its success in overseas markets and leverage its expertise to expand in the offshore wind sector.”
Completion of the transaction remains conditional upon receiving clearance from the European Commission under the EU Merger Regulation. Completion is anticipated by the end of September 2015.
”We are very proud of the results we have achieved under our current ownership, and with a new dedicated owner, we will be able to ensure a continued healthy development of our business, firmly anchored in our Danish heritage and operational excellence,” said ESVAGT CEO Søren Nørgaard Thomsen.
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