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Insider UK

Business

John Glover

SRJ's £73 million takeover of STATS UK falls through

STATs United Kingdom Supply chain United States

STATS UK has announced that an agreement to sell 100% of its issued share capital to SRJ Technologies Group will not go ahead.

The Aberdeenshire-based pipeline technology firm reached agreement on the transaction in December with SRJ, an Australian listed pipe repair company.

SRJ planned to undertake an offer of shares to fund the deal and provide working capital for the combined group, but has advised the Australian Securities Exchange that the transaction will not proceed.

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