Acteon buys Viking SeaTech, sells Mirage Machines
Subsea services group Acteon has completed the acquisition of Viking SeaTech, a provider of temporary and permanent mooring services, from Actuant Corporation.
The two companies signed a definitive agreement for the acquisition of Viking SeaTech in mid-August.
Viking Seatech offers marine engineering and consultancy for assurance, inspection, audits, and surveys. The company also specializes in mooring equipment for offshore installation and recovery as well as and rig positioning.
The second part of the transaction was Acteon’s sale of Mirage Machines, a manufacturer of portable machine tools, to Actuant.
Actuant said last Friday that the total consideration for the transactions included proceeds of around $12 million for Viking and payment of approximately $16 million for Mirage, subject to final working capital adjustments. The company will also record final impairment and divestiture charges in its fiscal 2018 second quarter financial results of approximately $15-20 million.
The two transactions were closed simultaneously following receipt of all regulatory and other approvals, including a clearance from UK’s Competition and Markets Authority for the acquisition of Viking SeaTech given on November 28.
It is worth noting that Viking SeaTech was sold for far less than the price tag of £150 million ($201.4 million at current exchange rates) that Actuant bought it for in 2013.
Randy Baker, Actuant president and CEO, said: “We are pleased to have completed these two meaningful portfolio management actions which are designed to improve overall shareholder value.
“We welcome Mirage Machines to the Actuant organization and look forward to future success in broadening our tool offerings while providing additional rental and service opportunities to the industrial and energy MRO markets globally.”