Headland launches $357m Kreuz takeover offer
Hong Kong- based PE firm Headland Capital Partners has launched a takeover offer for Singapore-listed Kreuz Holdings, a subsea services provider to the offshore oil and gas industry. Under the terms of the proposed agreement, all outstanding shares of Kreuz will be sold to SEA9 - a subsidiary of the $1.38 billion Headland Private Equity Fund 6 - at S$0.80 piece, valuing the company at S$445m ($357m). The share price represents a premium of 11.1% and 39.6% above the 6-months and 12-months volume weighted average prices respectively of Kreuz Shares to November 1.
Kruez listed on the Singapore exchange in 2010. Its subsea services include supporting new offshore installation and construction projects, as well as inspection, repair and maintenance of existing offshore...
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