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In Feb-04 Candover, JP Morgan Partners, 3i and NIB Capital agreed to acquire ABB’s Oil, Gas and Petrochemical (OGP) subsidiaries ABB Vetco Gray, ABB Offshore Systems (renamed Vetco International) for US$925m. This was somewhat below the original asking price of US$1.2bn and implied the following multiples: 54% of sales (US$1.7bn). No further details were disclosed.
The transaction will be financed by US$653m in debt and US$420m in equity (60/40 debt to equity). An additional US$50 in deferred consideration is conditional to performance post-closing performance.