Key Takeaways
- • KKR acquired Norwegian shipowner Ocean Yield for NOK 7.2 billion (approximately $829–$830 million USD) in an all-cash transaction at NOK 41.00 per share (adjusted to NOK 40.519 per share following dividend adjustments).
- • The voluntary offer achieved 94.2% acceptance of outstanding shares on a fully diluted basis, exceeding the 90% reportable threshold and enabling KKR to proceed with settlement.
- • A.P. Moller Holding announced a separate agreement to acquire Maersk Supply Service, signaling continued consolidation activity within the Nordic maritime and shipping sectors.
- • Simpson Thacher advised KKR affiliates in the transaction; Morrow Sodali served as the information agent for the offer process.
- • Settlement of the Ocean Yield acquisition was expected to complete on or around November 8, 2021, following the November 5, 2021 acceptance deadline.
Summary
KKR completed its recommended voluntary offer to acquire all outstanding shares in Ocean Yield ASA, a Norwegian ship-owning company, at a total valuation of NOK 7.2 billion (approximately $829–$830 million USD). The transaction represented a strategic move by the U.S. private equity giant into the Nordic maritime sector, offering shareholders NOK 41.00 per share in an all-cash deal, later adjusted to NOK 40.519 per share to account for dividend distributions.
By the close of the acceptance period on November 5, 2021, KKR's Octopus Bidco AS vehicle had secured acceptances for 165,193,187 shares, representing 94.2% of the company's outstanding shares and votes on a fully diluted basis. This result surpassed the 90% reportable threshold, providing KKR with sufficient support to proceed to settlement of the offer without triggering squeeze-out mechanics. The transaction was facilitated by legal counsel Simpson Thacher & Bartlett, representing KKR affiliates, with Morrow Sodali serving as the information agent.
Concurrent with KKR's Ocean Yield acquisition, A.P. Moller Holding announced a separate agreement to acquire Maersk Supply Service, underscoring heightened M&A activity within the Nordic shipping and maritime services ecosystem. Settlement of the Ocean Yield transaction was anticipated to close on or around November 8, 2021, completing KKR's entry into the specialized vessel ownership and leasing market.
By the close of the acceptance period on November 5, 2021, KKR's Octopus Bidco AS vehicle had secured acceptances for 165,193,187 shares, representing 94.2% of the company's outstanding shares and votes on a fully diluted basis. This result surpassed the 90% reportable threshold, providing KKR with sufficient support to proceed to settlement of the offer without triggering squeeze-out mechanics. The transaction was facilitated by legal counsel Simpson Thacher & Bartlett, representing KKR affiliates, with Morrow Sodali serving as the information agent.
Concurrent with KKR's Ocean Yield acquisition, A.P. Moller Holding announced a separate agreement to acquire Maersk Supply Service, underscoring heightened M&A activity within the Nordic shipping and maritime services ecosystem. Settlement of the Ocean Yield transaction was anticipated to close on or around November 8, 2021, completing KKR's entry into the specialized vessel ownership and leasing market.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.