April 16, 2018 / 3:03 PM / in 3 months

BRIEF-Norway billionaires Roekke, Fredriksen join forces in property deal

April 16 (Reuters) - Aker ASA:

* REG-AKER ASA: AKER TO ESTABLISH A NEW PROPERTY DEVELOPMENT COMPANY WITH PARTNERS

* ‘S WHOLLY OWNED SUBSIDIARY AKER CAPITAL AS (“AKER”) HAS ENTERED INTO AN AGREEMENT WITH GEVERAN TRADING CO. LTD (A COMPANY INDIRECTLY CONTROLLED BY TRUSTS ESTABLISHED BY JOHN FREDRIKSEN

* OTHER PARTNER IS JOH JOHANNSON EIENDOM

* AS PART OF TRANSACTION, AKER’S ASSETS HAVE BEEN VALUED AT NOK 828 MILLION ON A DEBT- AND CASH-FREE BASIS, WHICH IMPLIES AN EQUITY VALUE OF APPROXIMATELY NOK 580 MILLION.

* TRANSACTION IS EXPECTED TO RELEASE APPROXIMATELY NOK 360 MILLION IN CASH FOR AKER AND WILL REALIZE AN ACCOUNTING GAIN OF APPROXIMATELY NOK 190 MILLION TO BE BOOKED IN Q2 OF 2018. Source text for Eikon: Further company coverage: (Reporting by Gwladys Fouche)

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