Global investment firm KKR is investing about NOK7.2bn (鈧�688.6m) to buy Ocean Yield, a Norway-based ship owning company with investments in vessels on long-term charters.
Octopus Bidco, a company owned by KKR funds, is offering the Oslo Stock Exchange-listed owner鈥檚 shareholders NOK41 for each share.
The amount per share being offered represents a premium of 26% to shares鈥� last closing price of NOK32.54. Aker Capital, which owns 61.65% stake in Ocean Yield, has undertaken to accept the offer.
Founded in 2012, Ocean Yield currently has 63 vessels.
Vincent Policard, partner and co-head of European infrastructure at KKR, said: 鈥淲e have been impressed by what Ocean Yield鈥檚 management team and employees have achieved since the company was formed a decade ago through the strategy of investments in modern fuel-efficient vessels on long-term charters.
鈥淜KR is excited at the idea of becoming a strategic partner to Ocean Yield鈥檚 management team to continue building a leading ship-leasing company to the benefit of all stakeholders, including by providing improved access to long-term capital to meet the substantial investment needs of the sector.鈥�
脴yvind Eriksen, president and CEO of Aker, said: 鈥淎ker has been the driving force behind the development of Ocean Yield since it established the company in 2012. The company has since 2012 grown its fleet significantly from 3 to 63 vessels and is today positioned as a leading maritime leasing company with a strong backlog towards solid counterparties and a highly competent management team.
鈥淎s an industrial investment company, Aker is constantly reviewing strategic options related to its investments and has now decided that it is time to let a new owner continue the growth journey. We are happy to see that a renowned investment firm such as KKR recognizes the strength of Ocean Yield and will support the further growth of the company as the new owner.鈥�
Lars Solbakken, CEO of Ocean Yield, said: 鈥淏y leveraging KKR鈥檚 capital, expertise and network, Ocean Yield will be well-positioned to develop the business with the intention to build a substantially larger company. The team is excited for the next phase of developing Ocean Yield.鈥�
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