Akastor ASA: Settlement of earn-out payment under Share Purchase Agreement

News provided by

Nov 18, 2021, 12:47 ET

OSLO, Norway, Nov. 18, 2021 /PRNewswire/ -- Akastor ASA (AKAST) has today received payment of USD 6.5 million following a settlement in respect of the right to earn-out payment under the share purchase agreement dated 13 July 2016 (the "SPA") concerning the divestment of Managed Pressure Operations International Ltd ("MPO"). The SPA is formally with MHWirth AS ("MHWirth") as seller of MPO, but the right to any earn-out payment was carved out from the merger involving MHWirth and SDS which was completed on 1 October 2021.

The net cash contribution to Akastor was USD 5.4 million after deducting for costs and back-to-back liabilities.

For further information, please contact:

Øyvind Paaske

Chief Financial Officer
Tel: +47 917 59 705
[email protected]

This information is subject to the disclosure requirements pursuant to section 5.12 of the Norwegian Securities Trading Act.

Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.

This information was brought to you by Cision http://news.cision.com

SOURCE Cision AB