Chiyoda Corporation completed the acquisition of 50% stake in subsea services business from Ezra Holdings Limited.
The Directors will be convening an extraordinary general meeting (EGM) to seek approval of the shareholders for the proposed transaction. The transaction is expected to increase the earnings per share. As on November 23, 2015, the transaction was approved by the Federal Trade Commission. J.P. Morgan (S.E.A.) Limited acted as financial advisor to Ezra Holdings Limited. As of September 29, 2015, Chiyoda entered into a binding share sale and subscription agreement. The proposed transaction is subject to the approval of shareholders. Completion will take place on the seventh business day following the satisfaction or waiver of all the conditions in accordance with the terms of the agreement. The directors of Ezra approved the deal.
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor for Chiyoda. Christopher Koh and Michelle Fum of Allen & Gledhill acted as legal advisor for Ezra Holdings Limited (SGX:5DN). J.P. Morgan acted as financial advisor to Ezra.
Chiyoda Corporation (TSE:6366) completed the acquisition of 50% stake in subsea services business from Ezra Holdings Limited (SGX:5DN) on March 31, 2016. The business has been named as EMAS CHIYODA Subsea Limited.