STATS UK acquired by SRJ Technologies for £ 73million

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Aberdeenshire pipeline technology specialist STATS UK has been acquired by SRJ Technologies for £ 73million, following shareholders signing a 100% share purchase agreement .

The agreement combines STATS with SRJ’s portfolio of technologies that are positioned to capitalize on the growth of the global energy market and the transition to green energy.

SRJ is a listed company on the Australian Securities Exchange and will undertake a share offering to raise A $ 142 million to fund the cash component of the purchase price and provide working capital for the combined group. after completion.

The transaction is subject to customary conditions, including obtaining the required shareholder approvals by SRJ, and is expected to close in the first quarter of 2022.

The consideration payable by SRJ to shareholders of STATS UK will consist of a combination of SRJ shares and cash. The transaction has an implied value of approximately £ 73.1million based on SRJ’s share price of AU $ 0.50 per share.

Leigh Howarth, Managing Director of STATS UK, will join SRJ’s Board of Directors following the deal, while remaining Managing Director.

Pete Duguid, President and Founder of STATS, will remain with the company providing strategic direction, particularly with respect to key business development activities in North America.

STATS provides pressurized pipeline integrity solutions, including its BISEP and Tecno Plug products, and will be used to accelerate SRJ’s strategic priorities in the asset integrity market.

Leigh Howarth, Managing Director of STATS UK, said: “The two groups share a similar DNA which is based on a solution-oriented approach to our clients’ asset integrity issues.

“We are fully aligned with SRJ’s purpose and aspirations, and together we will continue to support our customers with safe, reliable and technically superior solutions and continuous innovation. “

Alexander Wood, Managing Director of SRJ, added: “SRJ’s vision is to become a global leader in asset integrity solutions for the energy industry, and this transaction will add value, differentiation and the scale at SRJ.

“This will drive long-term growth with significant revenue synergy opportunities while providing highly responsive and solution-oriented service to our clients. “

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