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.