Brazilian maritime services provider Oceanpact signed an agreement to combine its businesses with local rival CBO Holding, both companies said on Friday, in a deal that will form a firm with 73 vessels.
Under the deal, CBO will be embedded into Oceanpact, although CBO's shareholders will end up with 57.9 per cent of the combined company, the firms said.
The deal will be implemented through the issuance of some 274.6 million shares by Oceanpact to be delivered to CBO's shareholders, according to the firms. The exchange ratio of the transaction is about 1.98 shares of Oceanpact for each CBO share, they added.
Upon completion of the transaction, the combined company will have a fleet of 73 vessels, annual revenue of more than US$778 million and a backlog of US$2.7 billion.
“We are bringing together complementary fleets, teams and capabilities, gaining flexibility to execute contracts, improve vessel allocation, capture efficiencies and expand our ability to compete in larger and more technically demanding projects," said Flavio Andrade, OceanPact’s CEO and founder. "Additionally, new opportunities will be unlocked for the services segment such as subsea operations, decommissioning and environmental projects.”
(Reporting by Andre Romani, Editing by Iñigo Alexander)
