Haavind has assisted the listed company AqualisBraemar ASA in connection with its acquisition of the LOC Group from LOC Group Holdings Limited, the shareholders of which include pan-European investment group Bridgepoint and key employees of LOC.
The LOC Group is an international marine and engineering consulting firm that operates in the shipping, oil and gas, and renewables sectors, providing loss prevention and loss management services, as well as marine and engineering consultancy services. Headquartered in London, the LOC Group employs 416 people and operates worldwide in over 30 offices located in Europe, Africa, Americas, Middle East, Asia and Australia.
The purchase price consists of a combination of USD 20.2 million net cash consideration, subject to customary adjustments prior to closing, and conditional warrants in AqualisBraemar.
Haavind has assisted AqualisBraemar on all aspects of the transaction, including assisting with the SPA negotiations and due diligence on the LOC Group in several jurisdictions. Haavind is also assisting AqualisBraemar with the financing of the acquisition through a private placement with gross proceeds of USD 15 million and a subsequent offering of up to USD 3.5 million.
Closing of the transaction is expected to take place by end of December 2020.
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