Ezra: Norwegian oil svcs & engrg company Aker Solutions is selling its Aker Marine Contractors unit and a 50% stake in its Aker Connector installation vessel to Ezra for US$250m. Ezra will pay US$50m in cash, US$100m in Ezra shares & US$50m in a 3-yr convertible bond. The final US$50m plus interest will be settled in cash upon delivery of Aker Connector. Based on current price, Aker Solutions will become the 2nd largest shareholder in Ezra with a 8.3% stake in the enlarged share base.
The group currently has net debt of US$314m; post deal gearing will rise to 70%.
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