Aker Solutions has agreed to buy 70% of Brazilian C.S.E. Mecânica e Instrumentação Ltda with an option to purchase the remaining stake three years after closing the transaction, according to a news release.
The acquisition, which is subject to approval by Brazilian competition authorities, is expected to close by the end of first-quarter 2017, Aker said in a news release. The purchase price was not disclosed.
C.S.E. provides maintenance, assembly, commissioning and crane operation services at offshore and onshore facilities. The company’s fabrication shop in Rio das Ostras is located near Aker Solutions’ subsea services facility, the release said.
“Aker Solutions has established a solid presence and reputation in Brazil's oil and gas market over the past 40 years and entry into the country's brownfield segment is an attractive growth opportunity,” said Aker Solutions CEO Luis Araujo said in the release. “Joining forces with a successful local player like C.S.E. fits well with the internationalization of our services business, allowing us to bring our competence, knowledge and experience within this field to this important and growing region.”
C.S.E. CEO Altair Dietrich and Luiz Joanello, the company’s COO, will stay on with the company. C.S.E. will remain a separate legal entity with a management team consisting of personnel from each company, according to the release. Headquartered in Brazil’s Parana state, C.S.E. has 2,300 employees.
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