12052019Thu
Last updateThu, 05 Dec 2019 2pm

Valve Manufacturing

Forum Energy Technologies Announces Sale of Interest in Ashtead Technology

Forum Energy Technologies, Inc. and its subsidiaries have entered into a definitive agreement to sell their aggregate 40% interest in Ashtead Technology, a subsea rentals company. Total consideration for Forum’s interest and the settlement of a Forum 3 million pound loan to Ashtead will be $47.8 million. Forum will receive approximately $39 million in cash proceeds at close and a new approximately GBP 7 million loan with a three-year maturity. The transaction is expected to close in the third quarter. The buyers of Forum’s interest are Buckthorn Partners and other investors that currently own the majority of the equity interests in Ashtead.

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