Aker Solutions Completes Sale Odim Shares to Rolls-Royce
As announced on 29 June 2009, Aker Solutions has entered into an agreement to sell its 33% stake in Odim ASA to Rolls-Royce. Completion of the agreement was subject to clearance by Norwegian competition authorities. Such clearance has now been obtained and the sale of shares has been completed today. The agreed price is NOK 45 per share, corresponding to a total value of NOK 700 million. The sale gives Aker Solutions a profit of close to NOK 125 million, including dividends paid out by Odim in May. Aker Solutions announced the acquisition of 33% of Odim shares on 2 April this year.
“Since our acquisition of 33% of the shares in Odim in April, we have considered how to secure the best return on this investment, including steps in direction of a future integration of Odim in Aker Solutions. During this process we have also been approached by other interested parties in the market, and we received a good offer from Rolls Royce Marine. After an overall assessment, our opinion is that it would be in our shareholders’ interest to sell at this price,” says Simen Lieungh, President & CEO of Aker Solutions.
Rolls-Royce has, through the share purchase agreement, committed to pay Aker Solutions a supplement should they make an offer for, or purchase, further shares in Odim at a price of more than NOK 45 per share. This commitment remains in place for nine months after the transaction has been completed.