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Kongsberg Taking Over Rolls-Royce Commercial Marine

first_imgKongsberg has entered into agreement with Rolls-Royce to acquire Rolls-Royce Commercial Marine.The transaction is structured as an acquisition by Kongsberg of the marine products, systems and aftermarket services businesses carried out by subsidiaries of Rolls-Royce.The transaction does not include Bergen Engines nor Rolls-Royce’s Naval Business.The parties have agreed a value of GBP 500 million (on a cash and debt free basis and with working capital at an agreed level).The final purchase price, will be determined based on Rolls-Royce Commercial Marine’s cash, debt and working capital at time of completion of the transaction.“The acquisition of Rolls-Royce Commercial Marine makes us a more complete supplier to the maritime industry. The maritime industry is becoming increasingly globalized and is undergoing considerable technological and market driven changes. With this acquisition we will strengthening our strategic position with shipowners, shipyards and other customers and partners,” says Geir Håøy, CEO and president of Kongsberg.“This deal is good news for Rolls-Royce and Kongsberg and comes at a time when the maritime industry is at the dawn of a new and exciting era where digital and electrical technologies will transform shipping. Rolls-Royce has been responsible for leading many of those technological advancements, and with combination of great people, market leading technology and a desire by Kongsberg to take this business to the next level, I’m sure that this business will prosper in the years to come,” says Mikael Makinen, Rolls-Royce president, Commercial Marine.Rolls-Royce Commercial Marine has experienced considerable reductions in activity levels due to challenging market conditions within offshore related activity. A main priority going forward is ensuring profitability, and at the same time being an industry innovation leader. The acquisition will also strengthen Norwegian ownership in the Norwegian maritime cluster, whilst the company will have a stronger Nordic and international position.Kongsberg will finance the acquisition through a combination of new equity and a new bond loan. The purchase price will be paid in cash upon completion of the transaction.Subject to regulatory clearance, the acquisition of Rolls-Royce Commercial Marine is expected to be completed in first quarter of 2019.last_img read more

ACC announces men’s basketball matchups for each of next 3 seasons

first_img Comments The Atlantic Coast Conference will begin a 20-game conference schedule in the 2019-20 season, up from the current 18-game slate. Thursday, the ACC released the conference matchups for each of the next three seasons.Syracuse retains its two primary “rival” opponents, Boston College and Pittsburgh, that it’s had since joining the conference. Each season, SU will play those teams twice, once in each team’s home venue.On top of the primary rivals, the Orange will face four teams each season twice, up from what has currently been doubling-down on two further opponents beyond the rivals. After the three-year rotation, SU will have had one season in which it played the remaining 12 teams in the conference twice.Here is the season-by-season breakdown.2019-20Rivals home and away: Boston College, PittsburghHome and away: Georgia Tech, Notre Dame, Virginia, Virginia TechHome only: Duke, North Carolina, NC State, Wake ForestRoad only: Clemson, Florida State, Louisville, MiamiAdvertisementThis is placeholder text2020-21Rivals home and away: Boston College, PittsburghHome and away: Clemson, Louisville, North Carolina, North Carolina StateHome only: Florida State, Miami, Notre Dame, Virginia TechRoad only: Duke, Georgia Tech, Virginia, Wake Forest2021-22Rivals home and away: Boston College, PittsburghHome and away: Duke, Florida State, Miami, Wake ForestHome only: Clemson, Georgia Tech, Louisville, VirginiaRoad only: North Carolina, North Carolina State, Notre Dame, Virginia Tech Published on February 14, 2019 at 5:06 pm Contact Billy: [email protected] | @Wheyen3center_img Facebook Twitter Google+last_img read more