James Fisher and Sons plc (FSJ.L), a provider of specialised services to the marine, energy, and other high assurance industries, Friday said it has agreed to sell its oil well lift business, RMSpumptools (RMS) to ChampionX UK Limited, a unit of ChampionX Corporation for a total enterprise value of 90 million pounds.
"While RMS is a leader in its markets, it is a product business operating in the oil and gas industry that has minimal synergies with the rest of the Group and does not strongly align with James Fisher's strategy of focusing on maritime services to its core Energy, Defence and Marine Transport markets," the company said in a statement.
The transaction value implies about 7.4 times of RMS' estimated EBITDA for the 12-month period ended December 31, 2023.
James Fisher expects to use the net proceeds of about 83 million pounds from the transaction to reduce leverage to a range of 1.0 - 1.5 times Net Debt to EBITDA.
The deal is expected to be completed in the early second half of 2024.
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