Reach Subsea Set to Complete Acquisition of iSurvey

Norway-based subsea services company Reach Subsea is set to close the acquisition of the offshore survey company iSurvey, first announced in mid-February.

As previously reported, Reach Subsea said on February 17 it had agreed to buy the offshore survey services firm iSurvey in a transaction valued NOK 135 million. Separately, it was announced that Wilhelmsen had acquired a 21% stake in Reach Subsea.

The company at the time said that the transaction would be settled through the issuance of 33.8 million shares in Reach, valued at NOK 3.25 per share, and NOK 25 million in cash.

In a statement on Tuesday, Reach Subsea said, "The parties have today initiated closing of the acquisition, and has as part thereof completed the subscription of and payment (in kind through set-off) for the 33,846,153 consideration shares to be issued.

"The only remaining step of the acquisition is now registration of the share capital increase with the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret). Following such registration, the new share capital of the Company will be NOK 178,786,861, divided into 178,786,861 shares, each with a nominal value of NOK 1.

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