GTT is acquiring 75% of the share capital in Ascenz from its co-founders Chia Yoong Hui and Sia Teck Chong which specialises in operational monitoring and performance optimisation. Chia and Sia will retain a 25% stake in the company and continue to manage Ascenz.
The addition of the services orientated company to its portfolio dovetails with GTT’s planned growth in the market for LNG as a marine fuel.
“This is a particularly important new phase for us. The two companies' complementarity will contribute to accelerate the group's development in services,”said said Philippe Berterottière, chairman and ceo of GTT.
“With the rise of LNG as fuel, a market in which GTT intends to grow, the energy efficiency systems designed by Ascenz will enable us to provide ship-owners with even more compelling solutions.”
Ascenz ceo and co-founder Chia said: “We are delighted to be joining forces with GTT, leader in its sector, and to benefit from its in-depth knowledge of LNG markets.”
The transaction, for an undisclosed amount, will be completed in cash.