Actuant To Buy Scotland's Viking For $225 Mln - Quick Facts

(RTTNews) - Actuant Corp. (ATU), a manufacturer of industrial products and systems, on Friday said it signed a definitive agreement to acquire Viking SeaTech for 150 million pounds or $225 million.

Scotland-based Viking is an offshore support specialist providing a comprehensive range of equipment and services to the offshore oil and gas industry. Viking generated approximately $90 million in revenue in the past twelve months.

The company said the purchase is subject to customary regulatory approvals and closing conditions, and is expected to be completed within 45 days

The purchase price will be funded from the company's cash and revolving credit facility, and excludes potential future performance related consideration.

Commenting on the transaction, Robert Arzbaecher, Chairman and CEO of Actuant stated, "Viking represents a great addition to Actuant's energy platform and will be included within the Energy segment. Its leadership position in the largest offshore regions, strong technical competency and solid management team have allowed Viking to generate above average growth and margins."