Aker ASA: Bokn Invest sells Stream to MRC Global
Bokn Invest, an investment company jointly owned by Converto Capital Fund ("Converto Capital") and HitecVision V, has agreed to sell Stream AS ("Stream") to MRC Global Inc. ("MRC")for approximately NOK 1.6 billion, including the assumption of debt.
The transaction value is in line with that reported in Aker ASA's ("Aker") net asset value as per third quarter 2013, and Aker will through its 99.8 per cent ownership of Converto Capital receive proceeds from the transaction of about NOK 400 million. MRC is the largest global distributor of pipe, valve and fitting products and services to the energy and industrial markets.
"Stream has over the years developed into the leading distributor and provider of flow control products, solutions and services on the Norwegian Continental Shelf," said Frank O. Reite, Managing Partner of Converto. "We are pleased that the company will have a strong, international owner such as MRC to support its development further."
Following this transaction, two out of the three entities established after Bokn Invest's de-listing and subsequent three-way split of former Bjørge ASA will have been divested. The sales have yielded total proceeds exceeding NOK 500 million to Converto Capital. Align AS, the remaining entity, is approaching exit stage. The company is developing favorably, with estimated record revenues of more than NOK 1.3 billion in 2013.
Robert W. Baird Ltd. served as the exclusive financial advisor to the shareholders in this transaction and BA-HR acted as legal advisor. The Stream transaction is expected to be completed in the first quarter 2014.
For further information, please contact:
Marianne Stigset, Investor Relations Manager
Phone: +47 24 13 00 66
Mobile: +47 41 18 84 82
Atle Kigen, Head of Corporate Communications
Phone: +47 24 13 00 08
Mobile: +47 907 84 878