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| Name | Symbol | Market | Type |
|---|---|---|---|
| Sandvik AB (PK) | USOTC:SDVKY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.26 | 1.21% | 21.69 | 21.46 | 21.80 | 21.70 | 21.57 | 21.67 | 18,172 | 21:01:20 |
From Oct 2019 to Oct 2024
By Colin Kellaher
Sandvik AB (SAND.SK) on Monday said it agreed to sell a 70% stake in its drilling and completions operations related to the oil and gas industry to private-equity firm Blue Water Energy and privately held owned Nixon Energy Investments for 900 million Swedish krona ($92.7 million).
The Stockholm industrial-equipment supplier said the divestiture triggers a SEK3.9 billion write-down of goodwill and other intangible assets, which it will record in the fourth quarter.
Sandvik said it will keep a 30% stake in the operations and retain ownership of the mining-related portion of its drilling and completions arm.
The company said it expects the transaction will generate a positive cash-flow impact of roughly SEK700 million.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 28, 2019 13:56 ET (17:56 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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