Aker Solutions ASA (OB:AKSO) agreed to acquire Enovate Systems Ltd from Jeff Edwards for £75.2 million on January 29, 2013. The acquired business will be included in Subsea business area. For the financial year 2012, Enovate reported revenues of approximately £15 million with an EBITDA of £5 million.

Edwards and the current management of Enovate will continue to work for the company with Edwards as Chief Technology Officer. The acquisition is subject to approval from the Norwegian competition authorities. AAB corporate finance has acted as financial advisor to Enovate.

Burness Paull & Williamsons LLP acted as legal advisors to Enovate. Tony Kitchener of Frontrow Energy Partners was instrumental in initiating and project managing the deal on behalf of Enovate.