Carey Olsen's corporate team in Guernsey has advised Admiral Acquisition Limited("Admiral"), a BVI special purpose acquisition company, on the BVI aspects of its definitive agreement with American Securities, to acquire 100% of the shares of ASP Acuren Holdings Inc., the parent company of Acuren, from American Securities for US$1.85 billion.
Carey Olsen partner Andrew Boyce, senior associate James Cookeand associate Claire Cooke advised on the British Virgin Islands aspects of the transaction.
Acuren provides technology-driven solutions to protect assets in the energy, industrial, and utility industries. Its services encompass inspection, control, reliability assurance, and monitoring of equipment for clients in refining, pipeline, energy, pulp and paper, pharmaceutical, aerospace, and automotive sectors. The deal aims to build a world-class business focused on ensuring the safety and reliability of essential infrastructure in North America.
Andrew Boyce commented: "We are pleased to have advised Admiral on this significant transaction and we look forward to supporting them in achieving a successful completion."
The transaction is expected to be completed at the beginning of the third quarter of 2024, subject to regulatory approval.