Preliminary agreement to acquire ABB's Upstream OGP
2003年10月28日 - 4:00PM
PRニュース・ワイアー (英語)
Preliminary agreement to acquire ABB's Upstream OGP FOR RELEASE ON
TUESDAY 28 OCTOBER 2003 Candover*, 3i and JPMorgan Partners
announce preliminary agreement to acquire most of ABB's Upstream
Oil, Gas and Petrochemicals Division A private equity syndicate
comprising Candover Partners Limited, 3i Group PLC and JPMorgan
Partners LLC today announces that it has signed a preliminary
agreement with ABB to acquire most of the upstream Oil, Gas and
Petrochemicals business from ABB, the Swiss-Swedish engineering
group. The price range is between US$ 925 million and US$ 975
million. The acquisition would be subject to the completion of
negotiations and the signing of a definitive Sale & Purchase
Agreement, as well as satisfactory completion of a legal compliance
review. The documentation and the consortium's financing
arrangements are very well advanced and are expected to be
completed by the end of the year, at which point a further
announcement will be made. The mainly downstream business ABB
Lummus Global is not included in the acquisition. ABB's upstream
business has 7,500 employees across 31 countries and had revenues
of US $1.7 billion in 2002. *References to "Candover" mean Candover
Investments plc and/or, where appropriate, one or more of its
subsidiaries. Contacts: For Candover: Julie Foster/Tim Lynch,
Tulchan Communications 020 7353 4200 For 3i: Joanna McCulloch,
Press Office 020 7975 3573 For JPMorgan Partners: Brooke Harlow,
Vice President 001 212 270 7381 Notes to Editors: About OGP ABB OGP
is a major global participant in the oilfield services sector and
provides a portfolio of hi tech proprietary products and services.
It routinely serves all the major international oil companies,
national oil companies, as well as independent oil producers
throughout the world. ABB OGP comprises two major subsidiaries:
Vetco Gray and Offshore Systems. Vetco Gray manufactures drilling
and production equipment installed on drilling rigs and production
platforms; and Offshore Systems, (which includes Subsea Systems,
Modification and Maintenance, Floating Production Systems), designs
and manages the installation of subsea production systems,
modification and maintenance of existing offshore installations and
constructs new build fixed and floating production facilities. In
2002, the Group reported turnover of $1.72bn with 7,500 employees
across 31 countries. About Candover Candover is a leading provider
of equity for large European buyouts. Since its formation in 1980,
it has raised eight major funds, invested in 119 deals with a total
value of over �24 billion and led or co-led 97 of these
transactions. Investment in deals by Candover is provided in two
forms; from Candover Investments plc, a publicly quoted investment
trust capitalised at �403 million, and from funds managed by
Candover Partners, a wholly owned subsidiary. Candover closed the
Candover 2001 Fund in June 2002, raising �2.7 billion. Previous
investments in the oilfield services sector include Pipeline
Integrity International Limited (PII), the global market leader in
pipeline inspection services for the oil and gas industry in 1999.
Candover sold PII in 2002 to GE Power Systems. In 2003, Candover
led the �141 million MBI of Wellstream, a manufacturer of flexible
pipe for the offshore oil and gas sector, from Halliburton Inc.
Transactions other than Wellstream backed by the Candover 2001 Fund
include the �198 million buyout of Equity Trust, a global provider
of trust and fiduciary services, the �1.1 billion acquisition of
academic publisher BertelsmannSpringer, the �1.9 billion buyout of
Gala, the retail gaming company, the �1 billion buyout of
Belgium-based Ontex, a leading European producer of hygiene
products for the babycare, feminine hygiene and adult care markets,
the �600 million buyout of Kluwer Academic Publishers, the �709
million formation of Aspen Insurance (formerly known as Wellington
Re), one of the largest independent reinsurance vehicles in the UK
market, and the �393 million buyout of Swissport, a global ground
handling business, from the former Swissair Group AG. The Candover
Group has offices in London, Paris and D�sseldorf, and a local
advisor in Madrid. For further information, please visit the
company website: www.candover.com Candover Partners Limited is
authorised and regulated by the Financial Services Authority. About
3i Group 3i brings capital, knowledge and connections to the
creation and development of businesses around the world. It invests
in a wide range of opportunities from start-ups to buy-outs and
buy-ins, focusing on businesses with high growth potential and
strong management. 3i invests in businesses across three continents
through local investment teams in Europe, Asia Pacific and the USA.
To date, 3i has invested over �22 billion (including co-investment
funds). As at 31st March 2003 3i's total funds under management was
�8bn. With 40 companies currently in the Oil and Gas Portfolio, 3i
is Europe's most active investor in the Oil and Gas Sector.
Previous investments include John Wood Group plc, the UK's largest
oil service company which was floated in 2002 and Venture
Production plc, which was also floated in 2002, we invested in
Sensor Highway, which manufactures fibre optic measurement tools in
1997 and sold to Schlumberger in 2001 and Sparrows Offshore the
crane management business which 3i sold in 2003 for �.42m.
Transactions backed by 3i include the �227m MBO of Go Fly the low
cost airline spun out of British Airways, the �550m MBO of Fairview
Homes the construction and house building company, the �227m MBO of
EIG the educational arm of VNU, the �500m MBO of the European
directories business of Verizon Information Service, the �427m MBO
of Westminster Healthcare a leading provider of healthcare
services, the $103m MBO/MBI of Pinewood Shepperton, Europe's
leading film and television studio and the �425m MBO of SR Technics
the leading provider of technical support for aircraft engines and
components. For further information please visit out website at
www.3i.com About JPMorgan Partners: JPMorgan Partners (JPMP),
formerly Chase Capital Partners, is a global partnership with
approximately $23 billion under management (as of March 31, 2003).
It is a leading provider of private equity and has closed over
1,000 individual transactions since its inception in 1984. JPMorgan
Partners has extensive experience investing in the oil and gas
services sector and includes companies such as R&B Falcon,
Encore Acquisition Partners, Bear Paw Energy and Carrizo Oil &
Gas as part of its sector portfolio. Since its inception, JPMorgan
Partners has made over 49 investments in the oil and gas sector.
JPMP has more than 150 investment professionals in eight offices
throughout the world. JPMorgan Partners' primary limited partner is
J.P. Morgan Chase & Co. (NYSE: JPM), one of the largest
financial institutions in the United States. For additional
information, please visit our website at www.jpmorganpartners.com
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