Actuant Puts Up $225M To Expand Energy Biz With Viking Buy

Law360, New York (August 2, 2013, 1:40 PM EDT) -- Industrial products supplier Actuant Corp. will pay £150 million ($225 million) to scoop up offshore energy servicer Viking SeaTech, beefing up its energy division and giving it a presence in some of the world's most prominent offshore exploration regions, it said Friday.

The deal, expected to close within 45 days pending regulatory approval, includes a full cash payout to be drawn from Actuant's cash pile and an existing revolving credit facility. The lump payment does not include potential future performance-related payments, the company said.

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