Subsea services group Acteon has completed its acquisition of the Viking SeaTech from Actuant Corporation and simultaneously divested Mirage Machines business.
The announcement follows regulatory approval for Acteon to acquire Viking Seatech while selling Mirage Machines to Actuant, a US corporation.
Total consideration for the previously announced transactions included proceeds of approximately $12 million for Viking and payment of approximately $16 million for Mirage, subject to final working capital adjustments.
Viking Seatech’s services should compliment those of InterMoor, while extending Acteon’s global reach for clients and adding capabilities in rental and engineering, as well as chain inspection and survey in Australia, the Group said.
Paul Alcock, executive vice president at Acteon, said: “The addition of Viking Seatech to Acteon allows us to further respond to the needs of our clients working in the area of dynamic and critical infrastructure, offering an end-to-end service in the regions where they are operating, delivering consistent, efficient, safe and reliable services and reducing the need for multiple points of contact.”
Mark Jones, global CEO of InterMoor, added: “The synergies between Viking Seatech and InterMoor, in terms of our complimentary assets and aligned values, mean we can enhance our offering to clients with locations in key hubs around the world, combining global strength with local expertise.”
Randy Baker, Actuant president and chief executive officer stated, “We are pleased to have completed these two meaningful portfolio management actions which are designed to improve overall shareholder value. We welcome Mirage Machines to the Actuant organization and look forward to future success in broadening our tool offerings while providing additional rental and service opportunities to the industrial and energy MRO markets globally.”