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Aker Solutions Cancelled a Deal to Acquire NPS Energy

Source: www.gulfoilandgas.com 11/21/2012, Location: Middle East

Aker Solutions announced an agreement to buy the shares in NPS Energy on 21 May 2012. The agreement was conditional upon a series of parameters being fulfilled before the end of the closing period.

The agreement stated that if the transaction had not closed by 20 November 2012, both parties had the right to terminate from 21 November 2012. Aker Solutions has informed the seller of NPS Energy that it has terminated the agreement.

"We and the seller have not been able to reach the conditions for closing as agreed, and rather than risk increasing uncertainty, it was in the company and our shareholders' interest to terminate the transaction," says ?yvind Eriksen, executive chairman of Aker Solutions.

Aker Solutions remains committed to grow its business and to serve its clients in the Middle East and North Africa. A consequence of today's announcement is that Aker Solutions' near-term growth in this market is likely to be organic. At the same time, the oil and gas markets are in a growth cycle globally, and the cancelled transaction means the company can deploy more of its constrained resources on current and future opportunities. "We will continue to develop Aker Solutions as a more focused, global oilfield products, systems and services provider, by building on our strength in our home market and growing in a controlled manner internationally," says Eriksen.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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