Wilhelmsen Maritime Services AS (WMS), a wholly owned subsidiary of Wilh. Wilhelmsen Holding ASA, said it has signed an agreement whereby technology subsidiary Callenberg Technology Group will be acquired by Trident Maritime Systems.
"We have in Trident and their principal, J. F. Lehman & Company, found a strong new owner of Callenberg. Having a new owner that operates within the same technology areas creates a perfect environment for employees, customers and future growth of Callenberg with Trident," said Dag Schjerven, president and CEO of WMS.
"Through this natural combination, we will significantly expand our technical capabilities and geographic reach," said Tom Eccles, CEO of Trident. "Combining the rich history and strong reputation of Callenberg and Trident, will create a market leader in the provision of marine systems to the global market."
WMS will receive a net sale price of approximately $64 million, of which $41 million will be in cash at closing, and a seller-financing package of $23 million. The net profit effect is a loss of $12 million.
The transaction is expected to be finalised in the third quarter. SEB Corporate Finance acted as financial adviser in the transaction.