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Comment Business & Economics

Principal Aker Solutions’ P&C to transfer to Jacobs

By Gerald Ondrey |

Aker Solutions (www.akersolutions.com) has entered into a share purchase agreement (SPA) whereby it has agreed to transfer operations within its Process and Construction (P&C) business area to Jacobs Engineering Group Inc. (Jacobs; (Pasadena, Calif.; www.jacobs.com), one of the world’s largest and most diverse providers of professional technical services. The transfer does not include the U.S. EPC centre in Houston, and the Union Construction business located in the US and Canada, which will all be part of the new 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 NOK 5.5 billion ($913 million), subject to closing adjustments. The consideration will be settled in cash at completion. Completion of the transaction will be subject to relevant merger control clearances. The parties expect to complete the transaction during the first quarter of 2011. For Aker Solutions, the transaction is expected to have a positive net cash effect of approximately NOK 3.8 billion ($634…
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