Ashtead Technology Seals £63m Deal with Seatronics and J2 Subsea
Deal News | Nov 27, 2024 | Phoenicia Group Libya LLC
Ashtead Technology, a leader in subsea technology solutions, has completed a significant acquisition of Seatronics and J2 Subsea for £63 million. This strategic move is poised to enhance Ashtead's offerings in subsea survey and robotics, marking an increase in its rental fleet by approximately 30%. The acquisition also adds over 100 specialized technical employees to the company, bolstering its capabilities and workforce. This expansion aligns with Ashtead's continued growth strategy in the subsea technology sector. Phoenicia Group Libya LLC is noted as a private equity firm involved, indicating a potential financial backing or business interest in the transaction.
Sectors
- Subsea Technology
- Private Equity
Geography
- United Kingdom – Ashtead Technology is a UK-based company.
Industry
- Subsea Technology – The acquisition enhances Ashtead Technology's subsea survey and robotics services.
- Private Equity – Phoenicia Group Libya LLC, a private equity firm, is noted, suggesting financial interest.
Financials
- £63m – The acquisition price for Seatronics and J2 Subsea by Ashtead Technology.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ashtead Technology | Buyer | Company | A company specializing in subsea technology solutions. |
| Seatronics | Target | Company | A company acquired by Ashtead Technology. |
| J2 Subsea | Target | Company | A company acquired by Ashtead Technology. |
| Phoenicia Group Libya LLC | Private Equity Firm | Company | A private equity firm possibly involved in the transaction. |