Danish oil and shipping group A.P. Moeller-Maersk has sold its offshore service company ESVAGT to two international infrastructure investors, the company announced Tuesday.
Maersk said in a statement that 3i Infrastructure plc and AMP Capital have entered into an agreement to jointly acquire 100 percent of ESVAGT, which has a value of 4.1 billion Danish kroner (610 million U.S. dollars).
Founded in 1981 and headquartered in Esbjerg of Denmark, ESVAGT is a leading provider of offshore safety and support at sea primarily in and around the North Sea and the Barents Sea.
Maersk owns 75 percent of the company and the remaining 25 percent has remained with its founder ESE-Holding A/S.
"ESVAGT is a sound, well-run company with an exceptional operational excellence, and we have assessed how we best serve ESVAGT's long-term interest, as they are not part of the Maersk Group's core business," said Maersk Group CFO and chairman of the board in ESVAGT, Trond Westlie.
"The sale to 3i Infrastructure plc and AMP Capital has proven to be the best way of ensuring that ESVAGT can continue its development based on a strong culture and heritage, while at the same time creating value for the shareholders," Westlie said.
According to Maersk, completion of the transaction which remains conditional upon receiving clearance from the European Commission under the EU merger regulation, is anticipated by the end of September 2015.
Excelling in providing safety and support at sea, ESVAGT has since 2009 more than doubled its turnover and is one of the industry's most profitable companies. It employs 800 people and has a fleet of 43 vessels.
3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company, listed on the London Stock Exchange and regulated by the Jersey Financial Services Commission.
Established in 1849, AMP has more than 160 years of experience providing financial services, and is one of Australia's largest retail and corporate pension providers.