STATS (UK) Limited (STATS) shareholders have executed a Share Purchase Agreement to sell 100% of the issued share capital of the company to SRJ Technologies Group plc (SRJ). The acquisition combines Aberdeenshire-based STATS with SRJ’s portfolio of disruptive technologies that are well-positioned to capitalise on global energy market growth and the transition to green energy.
SRJ is a publicly listed company on the Australian Securities Exchange (SRJ) and will undertake an offer of shares to raise A$ 142M to fund the cash component of the purchase price for STATS and to provide working capital for the combined group post-completion.
The transaction is subject to customary conditions, including SRJ obtaining the required shareholder approvals, and is expected to close in the first quarter of the calendar year 2022.
The consideration payable by SRJ to STATS shareholders will comprise a combination of SRJ shares (traded on the ASX) and cash. The transaction has an implied value of approximately GBP 73.1M based on a share price of SRJ of A$0.50 per share.
STATS, a market leader in the provision of innovative, technology-led pressurised pipeline integrity solutions, including its BISEP® and Tecno Plug® products, will accelerate SRJ’s strategic priorities in the asset integrity market.
SRJ will leverage the global presence of STATS to exploit cross-selling opportunities of SRJ’s disruptive products and technologies, whilst also looking to capture the significant growth opportunities in the energy transition sector with its broader range of asset integrity solutions.
