Regulus Consultancy has announced that its client, a 37.5% shareholder in Sharjah-based Horizon Group, has agreed to sell its entire equity interest in Horizon to Royal Boskalis Westminster NV.
Earlier this year, Boskalis had acquired 62.5% of the shares in Horizon. This new transaction would mark the completion of acquisition of 100% of Horizon by Boskalis, said a statement.
Regulus acted as the financial advisor while Clyde & Co acted as legal counsel to the selling shareholder on the transaction.
Following this transaction, Boskalis will be able to optimise its successful and expanding position in the marine geophysical and geotechnical survey market. Horizon will continue to focus on its traditionally strong market position in the Middle East and Northwest Europe with opportunities to expand into the emerging offshore wind market in the Far East making it highly complementary to the position already held by Boskalis through Gardline in Northwest Europe and on the East Coast of the United States, it said.
Horizon was established in 2004 and is located in Sharjah, UAE. Its activities are largely based in the Arabian Gulf, the Red Sea and an increasing presence for offshore wind in the Far East. Its clients range from national and international oil companies as well as reputable international EPCI contractors to the oil and gas industry as well as offshore wind farm developers.
“We are delighted to have been involved in this successful transaction, and we believe the outcome has been a win-win for all parties,” said Shailesh Dash, board member of Regulus. – TradeArabia News Service