Aker Carbon Capture to Divest Ownership in SLB Capturi for Shareholder Benefit
Aker Carbon Capture's Strategic Move to Optimize Shareholder Value
Aker Carbon Capture ASA, also known as ACC, recently made a significant decision to enhance shareholder returns through a strategic transaction involving its subsidiary, SLB Capturi. In a deal announced on May 9, 2025, Aker ASA, a parent company of ACC, will acquire 20% of SLB Capturi from ACC’s subsidiary. This development is expected to pave the way for a substantial cash distribution to the shareholders and a subsequent liquidation of the company.
Details of the Transaction
The agreement entails that Aker will acquire the stake for a cash consideration of NOK 635 million, which is a vital move considering the strategic review that ACC has undergone. With a transaction value estimated at NOK 3.03 per share, this sale marks a premium of 15% relative to the previous day's closing price, demonstrating significant financial acumen on Aker's part.
Karl Erik Kjelstad, Chairman of Aker Carbon Capture, expressed confidence in this transaction, stating that it grants shareholders quicker access to capital—two years ahead of the original timeline. This transaction highlights Aker's dedication to offering its shareholders maximum value, particularly during a tumultuous market phase.
Shareholder Returns and Dividend Proposal
Post-sale, Aker Carbon Capture’s Board of Directors is set to propose a substantial dividend payment of approximately NOK 1.7 billion, which amounts to NOK 2.86 per share. This dividend will consist of roughly NOK 1.1 billion in existing cash reserves within ACC, alongside the proceeds from the sale to Aker. An extraordinary general meeting is expected to be called for May 15, 2025, to discuss these dividend matters.
Following the dividend payment and the divestment of the minority stake in SLB Capturi, the Board plans to recommend the liquidation of ACC, with remaining cash to be distributed to shareholders as liquidation dividends. This proposed timeline underscores a strategic commitment to extracting maximum value for investors.
Future Vision and Strategic Collaboration
Øyvind Eriksen, President and CEO of Aker ASA, also commented on the value that SLB Capturi has already generated for Aker Carbon Capture's shareholders. He noted that this sale not only unlocks additional value but also outlines a roadmap for continued collaborative efforts with SLB in the frameworks designed to enhance industrial decarbonization solutions.
Financial and legal experts, including advisors from SEB and Wikborg Rein Advokatfirma AS, have reviewed the structure of the transaction, ensuring its alignment with the best commercial interests of Aker Carbon Capture and its shareholders. This transaction, thus, is not merely a divestment but a calculated business move engineered for robust shareholder returns amidst market uncertainties.
Conclusion
In summary, Aker Carbon Capture's sale of its stake in SLB Capturi to Aker is part of a broader strategy to maximize liquidity and shareholder satisfaction. This carefully orchestrated move is expected to yield positive financial results, especially given the ongoing discussions around dividends and potential liquidation. The company stands as an exemplary model in optimizing shareholder value while navigating the complexities of corporate governance and market dynamics. As ACC moves forward, its strategic decisions are likely to provide a blueprint for similar companies aiming to enhance their financial standing and shareholder engagement.
This transaction marks a critical juncture for Aker Carbon Capture, and the coming months will illustrate the effectiveness of this calculated move and its implications for Aker's future strategies.