Engine maker Rolls-Royce PLC (LSE: RR) announced it is buying a 33 percent stake in Norway’s ODIM ASA, specialised in cablehandling systems and winches for use on offshore and naval vessels, for investment purposes.
It will acquire 15,545,634 ordinary shares in the business from Aker Solutions, formerly Aker Kvaerner, for approximately £66 million in cash.
The agreement still requires approval by the Norwegian competition authority.
Rolls-Royce said it has a strong and growing presence in the offshore oil and gas sector. This investment creates the opportunity for Rolls-Royce and ODIM to work more closely together.
Rolls-Royce has agreed to make an additional payment to Aker Solutions if, within nine months of completion of the agreement, it acquires any further shares in ODIM or makes an offer for further ODIM shares at an offer price of more than Norwegian Kroner 45 per share.
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