First Reserve sells interest in Aceton to KKR, White Deer Energy

First Reserve Corp. has sold its interest in offshore oil and gas service provider Aceton Group Ltd. to an affiliate of New York based Kravis Roberts & Co. LP (KKR) and Houston-based  White Deer Energy LP. Financial details were not disclosed, but sources familiar with the transaction told Reuters that Acteon was valued between $1.3 billion and $1.45 billion.

Private equity firm White Deer Energy will hold a minority stake in the Norwich, UK-based company, while investment firm KKR will hold the majority. The investment will support the Aceton’s growth plans in the subsea services market.

Originally founded in 1989, Acteon is a service provider to the worldwide offshore oil and gas market.The company provides specialist subsea services for life-of-field operations from exploration through to decommissioning and generates revenues from deep-water applications. Headquartered in the UK, the company has facilities in Brazil, Singapore, UAE, Malaysia, China, UK, the US and Germany.

Simmons & Company International Limited and JP Morgan Cazenove jointly advised Acteon Group Ltd.

The transaction is expected to close by the end of the year.

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