Kentz moves to acquire Valerus Field Solutions for $435m
In line with its strategy of enhancing its service offering for small and medium-sized oil and gas processing facilities, global engineering specialist solutions provider Kentz has moved to acquire offshore oilfield specialist Valerus Field Solutions for $435-million in cash.
The acquisition, which remained subject to approval by Kentz shareholders, would be satisfied by either a full draw-down on a new $400-million term loan, with the balance satisfied from Kentz’s existing cash resources, or by a new multicurrency $160-million revolving loan facility.
Kentz stated on Tuesday that the acquisition was expected to increase its exposure to high-value, high-margin contracts further up the value chain as well as enable increased access to Latin American markets through Valerus’ established presence in Brazil, Mexico, Colombia and Venezuela.
Kentz CEO Christian Brown said the company had highlighted its desire to expand its offering through selective acquisitions that created shareholder value.
“Consistent with our strategy, the acquisition of Valerus will help to establish Kentz as a recognised market leader in providing highly skilled process engineering, procurement and construction management services for small and medium-sized oil and gas processing facilities worldwide. It also provides us with a significant presence in the growing US market,” he commented.
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