Wilhelmsen Becomes Majority Shareholder in NorSea Group
- Business & Finance
Maritime industry group Wilhelmsen has increased its shareholding in NorSea Group from 40% to around 72%, thus becoming the majority shareowner.
As informed, the increased shareholding was approved by the Norwegian Competition Authority on September 20, 2017, and the transaction will take place on September 26.
“We wish to have an exposure towards the energy market, primarily oil and gas, but also the offshore wind industry. With an increased shareholding, we look forward to continue to develop NorSea Group and be an active player in the oil and gas industry,” Thomas Wilhelmsen, group CEO of Wilhelmsen, commented.
Eidesvik Eiendomsinvest AS and Simon Møkster Eiendom AS will hold approximately 12% each, while management in NorSea Group controls the remaining 4%. Following the transaction, Wilhelmsen will buy a small portion of management controlled shares.
Total consideration for the Wilhelmsen’s additional 32% investment in NorSea Group is NOK 545 million (USD 70 million). The investment is financed through existing liquidity and funding reserves, Wilhelmsen said.
The company originally acquired 35.4% of the shares in NorSea Group in July 2012 and increased to 40% ownership in April 2014.
With effect from the fourth quarter 2017, NorSea Group will be reported as a subsidiary in the Wilhelmsen group accounts.
As part of the transaction, Nils P Dyvik will step down as chair and leave the helm to Jan Eyvin Wang.