Mitsui and MOL intend to acquire 50% of Akastor

08/21/18

Akastor AS (Akastor) intends to sell 50% of its stake in AKOFS Offshore 1 AS (AKOFS) to Mitsui & Co., LTD. (Mitsui) and Mitsui O.S.K. Lines, Ltd. (MOL).

According to the purchase and sale agreement entered into in June of this year, each company will acquire 25% of AKOFS shares, which holds the remaining 50%. The value of the transaction is kept confidential.

The Mitsui Group is a Japanese business group engaged in a variety of activities, including commodities trading, financial services and project management, and companies including the offshore oil and gas industry. The MOL Group is also a Japanese multimodal transport group specializing in several categories of worldwide shipping and related segments.

AKOFS already provides services of installation and construction of vessels, of intervention for development of submarine wells of oil and gas. It operates three active marine support vessels in the operation of offshore installations and essential well intervention services for offshore oil and gas production. Currently, it has operations active only in the Brazilian continental shelf.

According to the legal representatives of the parties, neither Mitsui nor MOL operate any vessel providing services for the oil and gas segment of a similar nature to those provided by AKOFS and therefore the operation will not entail any horizontal overlaps.

The operation is subject to European Commission antitrust approval. The notification notice to the Administrative Council of Economic Defense (Cade) was published in the Official Gazette of the Union on Monday (20).

All parties are represented at Cade by Pinheiro Neto Advogados.

Source: Lexisnexis

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