Dutch investment fund HAL is set to acquire 9.9% stake in French oil and gas services provider Technip Energies.
As agreed, HAL Investments, a subsidiary of HAL, will acquire a total of 17.6 million Technip Energies shares from TechnipFMC.
The sale price of the shares was set at €11.15 per share, which values the transaction at $232.75m (€196.2m).
The transaction will be settled in two tranches. Initially, HAL will purchase 8.6 million shares, which corresponds to a 4.9% stake in Technip Energies. The settlement is expected to take place in the coming days.
The acquisition of the remaining stake is subject to HAL securing customary regulatory approvals. The transfer is expected to be finalised in the fourth quarter of this year.
HAL has also agreed to a lock-up of 180 days for its ‘to be acquired’ shares in Technip Energies.
Once the private sale transaction completes, TechnipFMC will hold around 12.3% stake in Technip Energies.
Headquartered in Paris, France, Technip Energies is an engineering and technology company primarily serving energy and downstream markets.
It has around 15,000 employees with operations in 34 countries.
Notably, TechnipFMC spun off Technip Energies earlier this year as an independent publicly traded company.
The move was undertaken to provide the two companies with specific customer bases and growth opportunities.
Since its spin off, TechnipFMC has been gradually reducing its stake in Technip Energies.
Earlier this year, TechnipFMC and Halliburton were selected by ExxonMobil to provide the fibre optic solution for the $9bn Payara field development project offshore Guyana.