Helix Energy To Acquire Alliance Group Of Cos. For $120 Mln Cash Plus Earnouts

(RTTNews) - Helix Energy Solutions Group, Inc. (HLX) announced Tuesday that it has entered into a definitive agreement to acquire 100% of the equity interests of the Alliance group of companies for $120 million cash at closing, plus the potential for post-closing earnout consideration.

The post-closing earnout consideration is payable in 2024, in the event the Alliance business achieves certain financial metrics in 2022 and 2023. Helix has the option to pay any earnout consideration in cash, Helix stock, or a combination thereof.

Alliance is a Louisiana-based privately held company that provides services in support of the upstream and midstream ?industries in the Gulf of Mexico shelf.

The acquisition is expected to close mid-2022 and is subject to regulatory approvals and other customary conditions.