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aker solutions sells wellintervention solutions In November of year 2013, Aker Solutions agreed to sell the actual well-intervention

solutions business area to a Swedish private equity finance fund EQT for a amount of NOK 4 billion. Aker Solutions received a settlement value in excess of NOK 4 billion once the transaction was finished with inclusion of intercompany debt. The transaction's equity purchase price was NOK 3. 4 billion. This transaction was completed around the end of 2013 after becoming cleared through Norwegian competition authorities. An earn-out provision had been added wherein Aker Solutions should receive 25% of some internal rate of return around 12% annually on EQT's equity investment. The transaction was primarily structured like a share sale. Executive Chairman in Aker Solutions, Oyvind Eriksen, stated that the sale was portion of an overall procedure to focus on deepwater as well as subsea oil-services marketplaces, where the company is mostly well-positioned. Additionally, stated that the well-intervention services business could be more in a position to grow into its full potential with EQT keeping ownership. The well-intervention services business did not have enough synergy using the remaining services of the company and thus it was time to separate it from the core of Aker Solutions. The well-intervention services business section of Aker Solutions provides services for circulation optimization from essential oil reservoirs. It was used for wireline tractor services used in carrying well-intervention equipment over horizontal wells along with coiled tubing. The primary markets for the services have been in Norway and also in the UK. This particular division had total revenue over NOK 2 . 2 billion in 2012. The actual division currently owns approximately 1, 500 workers in Asian countries, European countries, the Middle East, and the United States. Aker Solution remains involved in the well-intervention services company through board rendering. The present head from the division, Rolf Leknes, remains with the business for a short time to make sure a smooth transition towards the new owner. Executive chairman of Aker Solutions, Oyvind Eriksen, intimated that Rolf Leknes is going to be invaluable in the continued success regarding the division in the transition period. He mentioned that Rolf Leknes has been doing an excellent job developing the actual well-intervention services company along with improving its monetary performance during his time as head of the organisation. Aker Solutions started in 1841 in Oslo, Norway. The organization provides oilfield products, solutions, and techniques for oil and gas industry clients world-wide. Oyvind Eriksen is the Executive Chairman of Aker Solutions since June of the year 2010. He is a Norwegian citizen and doesn't presently hold any shares and have any stock options in Aker Solutions. Leif Borge is the Chief Financial Executive of Aker Solutions since 2008. He currently is the owner of 39, 725 shares in Aker Solutions and he has no stock options. He is also a Norwegian citizen. EQT was founded in year 1994. EQT has 18 offices within 14 countries around the world. EQT creates value for its investors by having a long-term, lasting, and responsible approach to trading. EQT invests in good companies around the world with a mission to help them achieve greatness and sustainability. Around EUR 20 billion is being raised by EQT. EQT owns around 50 businesses around the world in a number of industries. Portfolio companies of EQT have normally achieved an increase in employees 11%, revenue by 15%, and sales by 11% yearly. The actual Aker Solutions sale happened after a flurry of investments in the Nordic industrial services sector. Lately, private equity firm sources announced the company's plans to buy Rexworth Pneumatics through Bosch and the acquiring of the parcel, package as well as post automation service from

Siemens.

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