Brief: Aker Carbon Capture Says Agreement To Form Joint Venture With SLB

Aker Carbon Capture ASA

27/03/2024 22:49

March 27 (Reuters) - Aker Carbon Capture Asa  ACCA.OL :
    * AKER CARBON CAPTURE ANNOUNCES AGREEMENT TO FORM JOINT
VENTURE
WITH SLB
    * : SLB WILL PAY NOK 4.12 BILLION IN CASH TO ACC FOR
PURCHASE OF
80% OF SHARES IN AKER CARBON CAPTURE HOLDING AS
    * IN ADDITION, ACC WILL BE ENTITLED TO A PERFORMANCE-BASED
PAYMENT
OF UP TO NOK 1.36 BILLION.
    * FOLLOWING TRANSACTION, SLB WILL OWN 80% OF COMBINED
BUSINESS AND
ACC WILL OWN 20%
    * SUM OF PURCHASE PRICE FOR ACCH AND RETAINED CASH
CORRESPONDS TO
A VALUE PER ACC SHARE OF NOK 9.19
    * : ACC WILL BE ENTITLED TO A PERFORMANCE-BASED PAYMENT OF
UP TO
NOK 1.36 BILLION
    * ACCH WILL PAY USD 50 MILLION TO PURCHASE SLB'S CARBON
CAPTURE
BUSINESS
    * ACCH WILL PAY USD 50 MILLION TO PURCHASE SLB'S CARBON
CAPTURE
BUSINESS
    * PAYMENTS WILL BE DUE WHEN CERTAIN TARGETS ARE MET IN
PERIOD 2025
TO 2027, WEIGHTED TOWARDS END OF PERIOD UPON FINALIZATION OF
FINANCIAL STATEMENTS FOR 2027
    * AKER CARBON - AFTER A LOCK-UP PERIOD OF THREE YEARS, ACC
WILL BE
ENTITLED TO SELL ITS STAKE IN ACCH TO SLB DURING A PERIOD OF SIX
MONTHS (PUT OPTION)
    * AKER CARBON CAPTURE ANNOUNCES AGREEMENT TO FORM JOINT
VENTURE
WITH SLB

Source text for Eikon:  ID:nWkr3n5h7Q 
Further company coverage:  ACCA.OL 

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