Pipeline firm STATS sold in £73.1m deal to SRJ Group
Leigh Howarth: a platform to invest
STATS (UK), the Aberdeenshire-based specialist pipeline engineering company, has been acquired by SRJ Technologies Group in a cash and shares deal worth £73.1 million.
SRJ, which is listed on the Australian Securities Exchange, will raise A$142m in a share issue to fund the cash component of the purchase price for STATS and to provide working capital for the combined group post-completion.
The transaction is expected to close in the first quarter of 2022.
SRJ will leverage the global presence of STATS to exploit cross-selling opportunities of SRJ’s disruptive products and technologies, whilst also looking to capture the significant growth opportunities in the energy transition sector with its broader range of asset integrity solutions.
Leigh Howarth, CEO of STATS, said: “We are truly excited by the prospect of this next stage in STATS growth, not only to offer additional innovative solutions to our clients, but to do it with a trusted and capable SRJ team.