DEME Concessions has agreed to purchase a 2% stake in Atlantis Resources’ tidal power subsidiary Tidal Power Scotland for £2m ($2.8m).Atlantis Resources is a developer of tidal power projects, while DEME Concessions is a dredging and hydraulic engineering services provider.
The transaction will pave way for a partnership between Atlantis Resources and DEME Concessions to jointly offer offshore construction services in the Scottish renewables sector. It will also enable the latter to strengthen its tidal energy business and expand UK business operations.
The legal advisor to Atlantis Resources is Peel Hunt LLP, whereas the financial advisor is FTI Consulting LLP. The acquisition is expected to be completed in April 2016.
Prudential PLC‘s asset management business M&G Investments Funds has offloaded a 5% stake in Gulf Keystone Petroleum. The transaction involved selling 49.2 million shares valued at approximately £3.3m ($4.66m) based on the market price of £0.067 ($0.095) per share, as of 8 April 2016.
Gulf Keystone Petroleum owns oil and gas assets, including five discoveries across four on-trend blocks, in the Republic of Algeria and the Kurdistan Region of northern Iraq. The discoveries include Shaikan oil field, Sheikh Adi, Akri-Bijeel and Ber Bahr.
In an attempt to expand its geographical footprint to West Africa, Navig8 Group has agreed to acquire 100% stake in offshore marine services provider RKOffshore Management (RKOM).
The latter owns 19 offshore support vessels (OSVs) and operates two commercial pools. The deal will enable Navig8 and RKOM to jointly provide integrated services to charterers and benefit both the companies through synergies arising from scale and presence.
The transaction is expected to close in April, subject to certain conditions.
Solar Integrated Roofing Corporation has completed the acquisition of Jure Roofing Corp., a solar energy systems services provider based in the US.
The deal makes Jure Roofing a subsidiary of Solar Integrated Roofing, which enables it to expand its business operations.