Kongsberg to Acquire Rolls Royce Marine
Kongsberg has entered into agreement with Rolls-Royce to acquire Rolls-Royce Commercial Marine, a world leading technology business within autonomous maritime operations.
The transaction is structured as an acquisition by Kongsberg of marine products, systems and aftermarket services carried out by subsidiaries of Rolls-Royce.
The transaction does not include Bergen Engines nor Rolls-Royce's Naval Business.
The parties have agreed a value for Rolls-Royce Commercial Marine of around US$600 million.
The final purchase price, will be determined based on Rolls-Royce Commercial Marine's cash, debt and working capital at time of completion of the transaction.
Eivind Reiten, Chair of the Board of Kongsberg, said: “The maritime industry has over the last years experienced demanding market conditions and even though there is still uncertainty we expect the market to be facing growth with technology and innovation being key drivers.
“For more than 200 years Kongsberg has been a pioneer for high technology industrial development with a long term perspective.
“The acquisition of Rolls-Royce Commercial Marine is in line with our growth ambitions.”
Geir Håøy, CEO and President of Kongsberg, said: “The acquisition of Rolls-Royce Commercial Marine makes us a more complete supplier to the maritime industry.
“The maritime industry is becoming increasingly globalized and is undergoing considerable technological and market driven changes.
“With this acquisition we will strengthening our strategic position with shipowners, shipyards and other customers and partners.”
Kongsberg is represented in more than 25 countries, whilst Rolls-Royce Commercial Marine is represented in 34 countries.
Combined the companies have access to around 30,000 operations worldwide, and the installed base and the global presence strengthens an already world leading position with a considerable aftermarket.