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Sweden's Alfa Laval to buy Norwegian StormGeo from EQT

05/10/2021 03:02
Sweden's Alfa Laval to buy Norwegian StormGeo from EQT

- Swedish engineering group Alfa Laval ALFA.ST has agreed to buy StormGeo, which provides weather-centric services, from EQT Private Equity EQT.N for 3.63 billion Norwegian crowns ($442.9 million), it said on Monday.

StormGeo, which had sales of 714 million crowns 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.

($1 = 8.1957 Norwegian crowns)

(Reporting by Helena Soderpalm; Editing by Simon Johnson)

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