Swedish engineering group Alfa Laval has agreed to buy StormGeo, which provides weather-centric services, from EQT for $442.9m, it said on Monday.
StormGeo, which had sales of about $86m last year and was founded as a spin-off from Norwegian broadcaster TV2, will become part of Alfa Laval’s Marine division.
Alfa said the purchase would be financed with cash and closing is expected during the second quarter.
“The acquisition is part of Alfa Laval’s strategy to support the marine industry’s efforts to decarbonise and make operations more efficient,” Alfa said in a statement.
StormGeo, which employs 515 people in 15 countries, provides services for weather-sensitive operations, primarily in the marine industry, off-shore and other weather-dependent industries.
Source: Nasdaq
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