All closing conditions have been fulfilled regarding Akastor’s agreement to join Frontica Advantage with NES Global Talent to create a staffing service provider for the oil and gas sector.

The closing of the transaction took place on January 6, 2017.

Initially Akastor received a 15.2% ownership position in the combined entity with potential to increase its ownership depending on the growth of Advantage over the next 3 years. Revenues of the combined company for the last twelve months ending September 2016 were USD 1,063 million and EBITDA of USD 57 million for the last twelve months ending September 2016, and net debt of USD 117 million. The transaction generated an estimated accounting gain of approximately NOK 430 million to Akastor, which was recognised upon closing.

Tags: Akastor, Frontica Advantage, NES Global Talent