Wilhelmsen to buy Drew Marine Technical Solutions

The Norwegian global maritime industry group inked a deal to acquire the technical business solutions business from Drew Marine for approximately $400 million.    Wilhelmsen, a Norwegian global maritime industry group, signed an agreement to acquire the technical solutions business from Drew Marine for a purchase price of around $400 million, Wilhelmsen said.
   Whippany, N.J.-based Drew Marine is a manufacturer and provider of advanced performance chemicals and technical solutions to the maritime industry.
   The acquired business will be brought into Wilhelmsen Ships Service, and upon completion of the transaction, about 400 Drew Marine employees will join Wilhelmsen Ships Service.
   Wilhelmsen said the acquisition is expected to result in a $150 million increase in Wilhelmsen Ships Service’s annual total income.
   The transaction will be financed by using existing credit facilities, available cash and new facilities, and the final closing is subject to regulatory approvals.
   The parties have agreed on a termination fee of $20 million if approval from relevant bodies is not received.