A Japanese engineering giant has acquired a majority stake in Aberdeen energy consultancy Xodus Group.
Yokohama-based Chiyoda Corporation announced the deal on its website yesterday as a “strategic capital alliance”.
Xodus confirmed it later, saying the transaction paved the way for “exciting times ahead”.
The value of the deal, which sees stakes previously owned by investment vehicles Simmons Parallel Private and Sunrise Xodus transferred in whole to Chiyoda, and the size of the shareholdings involved were not disclosed.
But reports said the Japanese group paid in the region of £66million.
Xodus chief executive Colin Manson told the Press and Journal it was business as usual for the north-east firm.
He also said Chiyoda, which now has three representatives on the Xodus board, was more “alligned” to the company and its plans.
Mr Manson said the next step was for both sides to discuss a business plan but Xodus was likely to be “seriously well-funded” going forward.”
Looking forward to “exciting” times, he added: “The combination of Xodus and Chiyoda will bring synergies and benefits to both companies.
“Each will maintain their own core identities, including vision, culture and people, however, when needed we can work together to deliver an integration of services from front-end service through to detailed engineering, procurement and construction service.”
He said the combination of Xodus’ strength in Eu rope, its global aspirations, a more structured approach to business development and Chiyoda’s global network and industry experience throughout Asia Pacific, the Middle East and South America put the firm in a “remarkable” position.
Mr Manson, chief operating officer Stephen Swindell and other bosses still have significant stakes in the business.
Xodus, founded in 2005, provides integrated energy services covering both oil and gas and low carbon.
Following significant investment, the company has grown to more than 700 people worldwide and now has offices in Dubai, Houston, Nigeria, Norway, Perth and The Hague, as well as the UK. It aims to have 1,500 people by 2015.
Talks with Chiyoda started in December after the Japanese firm decided to diversify into the upstream energy market.
News of the deal comes just days after Xodus said it had bought the business of Dubai’s Prime Energy as part of an expansion drive.
Recommended for you
