Clarskon confirms details of RS Platou dealNews // November 26, 2014
Clarkson PLC has announced details of its proposed acquisition of the entire issued share capital of RS Platou ASA, for a total consideration of £281.2 million.
The company said the combination of the Clarksons Group and the Platou Group would create a leading global shipping and offshore services business headquartered in London and employing approximately 1,400 people in 21 countries in key global financial and shipping centres.
"Given the complementary activities, in terms of geographic locations, operations and industry specialisation, with very little overlap, the boards of Clarksons and Platou believe the enhanced offering of the combined business would position the enlarged group as a leading integrated global shipping and offshore group and would generate significant benefits for shareholders, clients and employees," said Clarkson.
"The Board of Clarksons believes that the acquisition would accelerate the execution of Clarksons’ strategy to provide clients with an integrated best-in-class offering comprising broking, financial, support and research across all major shipping and offshore markets. It is also expected that operational synergies arising from the increased scale of the enlarged group will drive revenue and margin growth in the future."
The Board of Clarksons also believes that the acquisition would be earnings enhancing in the 2015 financial year. In addition, Clarksons intends to continue with the company’s current policy of paying dividends on a progressive basis following completion.
Under the terms of the acquisition, the proposed total consideration to be received by the Platou shareholders would be £281.2 million of which 75 per cent. would be satisfied in consideration shares, 16.66 per cent in loan notes and 8.34 per cent in cash.
Peter M Anker, the Chief Executive of Platou, Ragnar Horn, the Chairman of Platou, and Birger Nergaard, who are currently members of the board of Platou, would join the board with effect from completion.