Amended: Swissco finalises terms of Scott & English acquisition

SWISSCO Holdings, a marine service provider for the offshore oil and gas industry, has finalised the terms of a $285 million very substantial acquisition of privately owned oil and gas contractor Scott and English Energy.

Swissco said on Monday night that it has entered into a definitive sale and purchase agreement (SPA), following a heads of agreement on Feb 28 for the proposed acquisition of the entire issued and paid-up share capital of Scott and English.

The acquisition will be satisfied by allotment and issuance of 452.4 million new consolidated shares, at an issue price of 63 cents per share to Scott and English and/or its nominees.