Ashtead Technology Holdings PLC (LSE:AT) has acquired underwater rental businesses Seatronics and J2 for £63 million in cash.
The deal is funded by a £70 million increase in Ashtead’s revolving credit facility.
Seatronics and J2 were owned by Acteon Group and they provide subsea electronics and ROV tooling rental services, complementing Ashtead’s existing portfolio.
The company said it will expand Ashtead’s survey and robotics capabilities, building its offering across the offshore oil and gas and renewables sectors.
Seatronics and J2 operate in key offshore locations, including the UK, US, UAE, and Singapore, and generated revenues of £51.5 million in the trailing twelve months to September 2024.