June 12, 2017 / 6:07 AM / 5 months ago

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

(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)

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