STATS UK acquired by SRJ Technologies
Published by Sara Simper,
Aberdeenshire pipeline technology specialist STATS UK has been acquired by SRJ Technologies for £73 million, following shareholders executing a 100% share purchase agreement.
The deal combines STATS with SRJ’s portfolio of technologies that are positioned to capitalise on global energy market growth and the transition to green energy.
SRJ is a publicly-listed company on the Australian Securities Exchange and will undertake an offer of shares to raise AUS$142 million to fund the cash component of the purchase price and to provide working capital for the combined group post-completion.
The transaction is subject to customary conditions, including SRJ obtaining the required shareholder approvals, and is expected to close in the first quarter of 2022.
The consideration payable by SRJ to STATS UK shareholders will comprise a combination of SRJ shares and cash. The transaction has an implied value of approximately £73.1 million based on a share price of SRJ of AUS$0.50/share.
Leigh Howarth, Chief Executive at STATS UK, will join SRJ’s board of directors upon completion of the deal while continuing as Chief Executive.
Pete Duguid, Chairman and Founder of STATS, will remain with the business providing strategic direction, particularly in relation to key business development activities in North America.
Read the article online at: https://www.worldpipelines.com/business-news/03052022/stats-uk-acquired-by-srj-technologies/
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