Around 2,000 jobs are to be transferred from Aberdeen-based Sparrows Group after it was acquired by French offshore energy company Altrad.
Sparrows provides engineering, inspection, operations and maintenance services in the offshore energy, renewables and industrial sectors.
The transaction is expected to close by the third quarter of 2022, subject to customary regulatory approvals.
Sparrows will be run autonomously by its existing management as a separate entity within Altrad, ensuring operational continuity, while providing access to Altrad’s global network, multi-industry expertise and resources.
Altrad’s scale in the industrial services sector should support Sparrows to accelerate its diversification into new markets.
Mohed Altrad, founder and president of Altrad, commented: “Sparrows’ 2,000 skilled and knowledgeable people will be a valuable addition to our group and we are looking forward to welcoming them to the Altrad family.”
Stewart Mitchell, chief executive at Sparrows, said: “We are excited about Altrad’s strategic vision and ambition, and this transaction will deliver many advantages for our clients and employees as we continue on our diversification and growth trajectory.
“The shared values between Altrad and Sparrows, especially a commitment to quality and safety, allow us to sustainably support each other’s ambitious growth aspirations”.
Evercore served as financial advisor and Freshfields served as legal counsel to Sparrows, while Altrad was advised by BNP Paribas and Squire Patton Boggs.
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