Aker walks away from NPS deal

No deal: Aker chairman Oyvind Eriksen

Morten Holm/SCANPIX

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Josh Lewis

 21 November 2012 07:28 GMT

Norway’s Aker Solutions has walked away from a deal to acquire Dubai-based oilfield services company NPS Energy.

Aker announced in May that it had agreed to buy NPS Energy for an equity value of $350 million and assume about $110 million in net interest bearing debt as it looked target contract wins in the Middle East and North Africa.

However, the deal was conditional upon a number of parameters being met before the end of the closing period on 20 November which Aker said had not been met.

“We and the seller have not been able to reach the conditions for closing as agreed, and rather than risk…

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