June 12, 2017 / 6:07 AM / a month ago

CORRECTED-BRIEF-Akastor to sell KOP Surface to Weir for $114 mln

1 Min Read

(Corrects in headline to "KOP" from "KPO")

June 12 (Reuters) - Akastor Asa

* Agrees to sell KOP Surface Products to the Weir Group plc

* Definitive agreement to sell kop surface products ("kop") to weir group plc ("weir") (lon:weir) for usd 114 million on a debt- and cash-free basis

* Transaction will generate an estimated accounting gain of approximately nok 700 million to akastor to be recognized upon closing, expected to occur in q3 2017

* Completion of transaction is subject to customary closing conditions. Ba-Hr lawfirm has acted as legal advisor

* KOP is headquartered in Singapore and is a supplier of surface wellheads, trees, valves and actuators to the oil and gas industry Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below