Akastor ASA: NES Global Talent joins forces with Fircroft Group

Rhea-AI Summary

Akastor has announced a strategic agreement for its affiliate, NES Global Talent, to merge with Fircroft Group. This alliance aims to enhance their position in providing engineering and technical talent solutions globally. Following the merger, Akastor's stake in the new combined entity, NES Fircroft, will be approximately 15%. CEO Karl Erik Kjelstad will serve as a board member in NES Fircroft, reinforcing Akastor's influence in the new venture.

Positive

• Strategic merger to create a leading human capital solutions provider.
• Akastor's continued influence through a board seat in NES Fircroft.
• Expected enhancement of market position for NES Fircroft.

Negative

• None.

OSLO, Norway, Sept. 22, 2020 /PRNewswire/ -- NES Global Talent (NES), in which Akastor holds an economic interest of around 17%, has today announced that it has entered into an agreement to combine its business with the Fircroft Group (Fircroft). The transaction represents a strategic alignment to create one of the leading human capital solutions business for engineering and technical talent globally. The combined entity will be known as NES Fircroft. Akastor CEO, Karl Erik Kjelstad, will continue as Board Member for the new NES Fircroft Board. Akastor's economic interest in NES Fircroft will be around 15%.

For further information, please see the attached press release from NES or visit www.nesgt.com.

Media Contact
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com

Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This information was brought to you by Cision http://news.cision.com

The following files are available for download:

https://mb.cision.com/Public/18618/3195533/bbcec7150ff5b526.pdf

Attachment_NES Press release 22 Sep 2020

 

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SOURCE Akastor ASA

FAQ

What is the significance of the Akastor and NES Global Talent merger with Fircroft Group?

The merger aims to create a leading provider of engineering and technical talent solutions, strengthening their market position.

What will Akastor's ownership stake be after the NES and Fircroft merger?

Akastor's economic interest in the combined entity, NES Fircroft, will be around 15%.

Who will represent Akastor in the new NES Fircroft board?

Akastor CEO Karl Erik Kjelstad will remain on the board of the new NES Fircroft.

When was the merger announcement made?

The merger was announced on September 22, 2020.

What is the new entity formed from the Akastor and Fircroft merger called?

The new combined entity will be known as NES Fircroft.