INCJ exits 5% stake in UK's Seajacks to Marubeni
State-backed Innovation Network Corporation of Japan (INCJ) has sold a 5% stake in UK offshore energy services provider Seajacks to its Japanese co-owner Marubeni Corporation.
INCJ how holds a 45% stake in the business. Financial terms of the deal were not disclosed.
INCJ and Marubeni - one of Japan's largest trading companies - each acquired a 50% stake in Seajacks from US PE firm Riverstone holdings in March 2012, paying around $850 milllion apiece.
Seajacks services mainly European offshore wind farms but it is also able to service the offshore oil and gas markets. It owns and manages self-propelled vessels that are purpose-built to install offshore wind turbines.
In June 2013, the company launched its first Asian subsidiary - Seajacks Japan. The subsidiary conducts sales and marketing activities mainly targeting the offshore wind market in Japan and other Asian countries.
More on North Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.