Akastor has entered into an agreement with Aker to divest eight properties with long-term lease agreements. The properties are valued at NOK 1 243 million in an all-cash transaction.
CFO Leif Borge states in a comment: "As previously communicated, we have explored various opportunities to monetize our real estate entities, and are pleased to conclude this process. By divesting these financial assets, we will be able to strengthen Akastor's financial position and flexibility. When evaluating our opportunities throughout the sales process, the bid from Aker was the most attractive."
Under the terms of the transaction, a wholly-owned subsidiary of Aker will acquire 100 per cent of the shares in the real estate companies in Akastor's portfolio that owns the following properties: '
- Tranby, Egersund, Ågotnes, Stokke and Sandnessjøen, all fully rented by subsidiaries of Aker Solutions ASA
- Dvergsnes (Kristiansand) and Midsund, both fully rented by subsidiaries of Akastor ASA
- Grunnavågen (Stord), fully rented by Wärtsilä Norway AS
The average remaining contract tenor of the lease is approximately 18.5 years. The annualized rent in 2015 is approximately NOK 86.5 million in total.
The transaction has been completed in compliance with Akastor's related party principles; whereas fairness opinions have been prepared for both parties and the transaction has been approved by the board of directors in both Akastor ASA and Aker ASA. The transaction is expected to be completed in the fourth quarter of 2015, subject to approval by the board of directors in Aker Kværner Holding AS.
Akastor expects to realize a financial gain of approximately NOK 300 million in its fourth quarter results for 2015, following completion of the divestment. The expected net cash, after tax, effect of the transaction will be approximately NOK 1 170 million.
For more information, please contact:
Tore Langballe
Head of Communications
and Investor Relations
Tel: Office: +47 21 52 58 10, Mobile: +47 90 77 78 41
E-mail: tore.langballe@akastor.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.