Bussiness
Ashtead Technology expands robotics in £63m deal
Hello and welcome to our daily digest of business, financial and economic news from around Scotland.
1. A subsea technology equipment rental company has struck a £63 million cash deal to expand its robotics and surveying operations.
The Aim-listed Ashtead Technology Holdings is buying Seatronics and J2 Subsea from Acteon Group.
The transaction is being funded through a £70 million extension of Ashtead’s credit facility with RBS joining alongside existing banking partners ABN Amro, Citi, HSBC and Virgin Money.
Ashtead aims to create a “world leading” subsea surveying and robotics team to serve the offshore energy sector
EMILY MACINNES/BLOOMBERG VIA GETTY IMAGES
Ashtead, based in Aberdeen, said the move would add to its presence in the UK, Asia and UK markets with a further 110 staff and 7,000 pieces of kit including autonomous vehicles.
Seatronics and J2 were said to have delivered an underlying profit of £9
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