May 19, 2020

WorleyParsons to acquire AFW UK

Engineering
Oil
WorleyParsons
AMEC
Fran Roberts
2 min
WorleyParsons to acquire AFW UK

Australian engineering firm WorleyParsons Ltd said today it would buy the former upstream oil and gas assets of Britain’s Amec Foster Wheeler Plc for £182mn, marking its entry into the UK North Sea market.

WorleyParsons announced this morning it's buying all of maintenance, modifications and operations (MMO) provider AFW UK Oil & Gas, which will boost the Australian company's earnings per share and cut its own net debt.

To fund its British acquisition, the Australian company will issue new shares as part of a A$322mn capital raising (through a 1-for-10 entitlement offer and existing debt facilities).

WorleyParsons said the acquisition would provide it with a "robust entry" into the UK North Sea market and accelerate the company's strategy to become a global provider of maintenance and operational services.

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“AFW UK represents an attractive acquisition for WorleyParsons,” Chief Executive Officer Andrew Wood said.

“AFW UK is a world-class integrated solutions business with best-in-class MMO capabilities and an excellent track record of international expansion.”

It is understood that, while there will be some rationalisation at the outset, the 3,000-plus people on payroll are thought to be secure.

In 2016, Amec's North Sea business contributed revenues of £740mn and a trading profit of £43mn.

The acquisition is expected to be completed by the end of October 2017.

The deal has also paved the way for the British engineering and services company to complete its £2.2bn takeover by John Wood Group PLC.

Shareholders in Amec Foster Wheeler will receive 0.75 of a John Wood Share in exchange for each share in Amec Foster.

In total, 294.5mn shares in John Wood will be issued, bringing the group total shares issued overall to 677.7mn shares.

Aberdeen-based John Wood Group announced in September the deal had cleared the last of its regulatory hurdles, including an agreement with the UK Competition and Markets Authority to offload most of Amec's UK upstream business to address competition concerns.

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Jun 8, 2021

Timeline: India takes unicorn leap with six in five days

India
Unicorns
Startups
tech
Kate Birch
2 min
We chart an historic week in India’s startup tech industry, where from April 5-9 the country achieved six unicorns

We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.

April 5: Meesho

India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.

April 6: CRED

Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.

April 7: API Holdings / Groww

The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.

April 8: ShareChat

New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.

April 9: Gupshup

AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels. 

 

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