Aker Carbon Capture has decided to sell its 20 percent ownership interest in SLB Capturi to Aker, targeting cash distribution to its shareholders and subsequent liquidation

Rhea-AI Summary

Aker Carbon Capture (AKRCY) has announced the sale of its 20% ownership stake in SLB Capturi to Aker ASA for NOK 635 million. The transaction values AKRCY at NOK 3.03 per share (NOK 1.83 billion), representing a 15% premium to the previous closing price. Following the sale, AKRCY plans to distribute approximately NOK 1.7 billion (NOK 2.86 per share) in dividends to shareholders, combining existing cash and sale proceeds. The company will subsequently initiate liquidation proceedings, with remaining cash to be distributed as liquidation dividends. The transaction, subject to shareholder approval, is expected to close by Q3 2025, with an extraordinary general meeting scheduled for May 15, 2025.

Positive

• 15% premium to previous closing price and 19% to 30-day VWAP
• Early access to capital distribution (2 years ahead of schedule)
• Significant cash distribution of NOK 1.7 billion (NOK 2.86 per share) to shareholders
• Aker Capital AS will provide guarantee to cover ACC's parent company guarantees and liabilities

Negative

• Company will be liquidated after transaction completion
• Complete exit from SLB Capturi partnership
• Loss of future potential value from carbon capture business

FORNEBU, Norway, May 9, 2025 /PRNewswire/ -- Aker Carbon Capture ASA (Aker Carbon Capture or ACC) and Aker ASA (Aker) today announced an agreement whereby Aker will buy the 20 percent ownership interest in SLB Capturi. The agreement forms part of an overall solution for ACC that will optimize value for shareholders by ensuring a significant liquidity event.

The transaction follows a strategic review process in Aker Carbon Capture, concluding that this transaction represents the most attractive alternative for Aker Carbon Capture and its shareholders.

The agreement implies a transaction value for Aker Carbon Capture of NOK 3.03 per share, or NOK 1.83 billion, which represents a premium of 15% to yesterday's closing price and 19% to the volume weighted average price during the last 30 days. Key elements include:

• Aker, through a subsidiary of Aker Capital AS (ACC HoldCo), will acquire the 20% ownership interest in SLB Capturi AS held by ACC's subsidiary Aker Carbon Capture AS for a cash consideration of NOK 635 million.
• Aker Capital AS will offer a guarantee to cover ACC's parent company guarantees and liabilities towards SLB as the seller in relation to the SLB Capturi partnership. This guarantee will increase the distributable reserves in ACC.

Following completion of the sale of the ownership interest in SLB Capturi AS, the ACC Board of Directors will propose that shareholders approve a dividend payment of approximately NOK 1.7 billion, equalling NOK 2.86 per share in Aker Carbon Capture. This corresponds to approximately NOK 1.1 billion in existing cash in ACC, and NOK 635 million in proceeds from the sale to Aker. An extraordinary general meeting to consider these matters is expected to be called for 15 May 2025. Subject to shareholder approval and other customary conditions, the SLB Capturi transaction is expected to close and dividend payment completed by end of the third quarter 2025.

After the sale of the ownership interest in SLB Capturi AS and the dividend payment, the Board of Directors will propose to ACC's shareholders that the company be liquidated, with any remaining cash distributed to shareholders as liquidation dividends. An extraordinary general meeting to consider these matters is expected to be called for within 2025.

Karl Erik Kjelstad, Chairman of Aker Carbon Capture comments:

"This transaction grants shareholders early access to capital-two years ahead of the original timeline-through a carefully structured combination of cash distributions and dividends, delivering meaningful value amid a period of pronounced market volatility. Following a thorough strategic review, we are confident that this represents the  best path to timely value realization for our shareholders. Furthermore, we are pleased that the transaction will reinforce strong industrial ownership in SLB Capturi, a joint venture dedicated to accelerating industrial decarbonization."

Øyvind Eriksen, President and CEO of Aker ASA, comments:

"The creation of SLB Capturi has already delivered substantial value for Aker Carbon Capture shareholders. This transaction with Aker unlocks additional value amid ongoing market uncertainty. It also provides a clear and constructive path forward for our continued strategic collaboration with SLB in the development of SLB Capturi."

Considerations

The Board of Directors of ACC has reviewed the structure and financial aspects of the transaction supported by financial and legal advisors. ACC finds the transaction to be in the best commercial interest of the company and its shareholders. Consequently, the Board has deemed it advisable to complete the transactions as described above.

Please refer to ACC's website for an announcement as required pursuant to Section 3-19 of the Norwegian Public Limited Liability Companies Act, which regulation applies whenever a subsidiary of a public company such as ACC enters into a qualifying material agreement with a related party.

Advisors

SEB has acted as financial adviser and Wikborg Rein Advokatfirma AS has acted as legal counsel to Aker Carbon Capture in connection with the transaction.

For further information, please contact:

Mats Ektvedt, Media, tel: +47 41 42 33 28, email: mats.ektvedt@corporatecommunications.no

This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Mats Ektvedt on 9 May 2025.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-carbon-capture-asa/r/aker-carbon-capture-has-decided-to-sell-its-20-percent-ownership-interest-in-slb-capturi-to-aker--ta,c4147913

 

FAQ

What is the value of AKRCY's sale of SLB Capturi stake to Aker ASA?

Aker Carbon Capture is selling its 20% stake in SLB Capturi to Aker ASA for NOK 635 million, valuing AKRCY at NOK 3.03 per share or NOK 1.83 billion total.

How much dividend will AKRCY shareholders receive from the transaction?

AKRCY shareholders will receive approximately NOK 1.7 billion (NOK 2.86 per share) in dividends, combining NOK 1.1 billion in existing cash and NOK 635 million from the sale proceeds.

When will the AKRCY transaction close and dividends be paid?

Subject to shareholder approval at the May 15, 2025 extraordinary general meeting, the transaction is expected to close and dividend payment completed by the end of Q3 2025.

What happens to Aker Carbon Capture after the SLB Capturi sale?

After the sale and dividend distribution, Aker Carbon Capture will be liquidated, with any remaining cash distributed to shareholders as liquidation dividends.

What premium does the AKRCY transaction offer to shareholders?

The transaction offers a 15% premium to the previous day's closing price and a 19% premium to the 30-day volume-weighted average price.