Headland Capital Proposes Buyout Of Singapore’s Kreuz

Hong Kong-based private equity firm Headland Capital Partners and Singapore-listed Kreuz Holdings say that they are proposing a buyout of Kreuz by Headland, according to a joint release.

Founded in 2008, Kreuz provides subsea construction and services for the oil and gas industry.

A subsidiary of Headland called SEA9 Pte. Ltd. is to acquire all outstanding shares of Kreuz at S$0.80 per share, valuing the company at S$445 million, or US$357 million.

The offering price represents a premium of 11.1% and 39.6% above the 6-months and 12-months until November 1, 2013 volume weighted average prices respectively.

The deal represents a price-to-net tangible assets multiple of 1.8 times, calculated based on Kreuz’s unaudited net tangible assets.

The transaction is still pending a shareholder vote, but shareholders holding 74% of Kreuz Shareholders, including Kreuz’s holding company, Swiber Holdings Limited, will vote in favor of the deal and vote against any competing offers, according to the release.

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