Thursday, February 22, 2024
BusinessScots oil pipeline technology specialist sold to Australian company

Scots oil pipeline technology specialist sold to Australian company

STATS an oil pipeline technology specialist headquartered in Kintore, Aberdeenshire, has today announced that its shareholders are selling 100% of their issued share capital of the company to Australian company-SRJ Technologies Group plc (SRJ).

The transaction will be subject to conditions including SRJ acquiring shareholder approvals, but the deal is expected to close in the first quarter of 2022.

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The Aberdeenshire company deals mostly in oil and gas pipeline technologies.

SRJ will also have to issue new shares on the Australian market to raise AUS $142m which will fund the cash component of the purchase price for STATS.

Overall, the transaction has an implied value of approximately £73.1m.

Leigh Howarth, CEO of STATS said: “SRJ has acquired STATS for our market-leading technology, our established global reach, excellent customer base and experienced and highly skilled staff.

“We are fully aligned with SRJ’s purpose and aspirations, and together, we will continue to support our clients with safe, reliable and technically superior solutions and continuous innovation.”

The deal will allow SRJ to grow and expand its global client base, Leigh Howarth will remain the CEO of STATS and will have a seat on the SRJ board of directors.

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