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Maersk offloads ESVAGT for $610m

Maersk offloads ESVAGT for $610m
Maersk Group and ESE-Holding have sold offshore safety and support outfit ESVAGT to investors for DKK4.1bn ($610m).

Maersk acquired a 50% stake in the company in 1991, extending that to 75% in 1998, and now Maersk and co-owner ESE-Holding have found investors that they believe will be better for the company long term. ESVAGT is not a part of Maersk's core business. ESVAGT has a fleet of 43 offshore safety and support vessels.

3i infrastructure and AMP capital, both infrastructure investment companies which take long-term views, are expected to complete the transaction in September 2015, so long as the European Commission clears the deal under its merger regulations.

”The sale to 3i Infrastructure plc and AMP Capital has proven to be the best way of ensuring that ESVAGT can continue its development based on a strong culture and heritage, while at the same time creating value for the shareholders,” said Maersk Group ceo and chairman of the ESVAGT board, Trond Westlie.

Ben Loomes and Phil White, managing partners and co-heads, Infrastructure, 3i Investments, commented: “ESVAGT has a successful history in its core markets, Denmark and Norway. With a strong and defensible market position, the business is well placed to replicate its success in overseas markets and leverage its expertise to expand in the offshore wind sector.”