STATS (UK) Limited, also known as (STATS), on December 14, announced it had finalized Share Purchase Agreement to sell a 100% of the company’s Share to SRJ Technologies Group plc.

The acquisition deal merges Aberdeenshire-based STATS with SRJ’s disruptive technologies portfolio to capitalize on the growth of the global market and green energy transition.

SRJ will offer shares to raise A$142 million to put up the cash required for STATS purchase price and provide liquid capital for the group’s post-completion.  With the transaction subject to customary procedures, SRJ will have to obtain the required shareholder approvals before having the deal close in the first quarter of 2022.

Since SRJ is publicly listed on the Australian Securities Exchange (ASX: SRJ), the considered amount payable to STATS shareholders by SRJ will include a combination of shares traded on the ASX and cash.

Based on the share price of SRJ (A$0.50 per share), the entire transaction is valued at approximately £73.1 million.

“SRJ has acquired STATS for our market-leading technology, our established global reach, excellent customer base, and experienced and highly skilled staff. With its ASX listing and access to capital markets, this gives the combined businesses the platform to invest in strategic locations and product solutions that are yet to be developed to their full potential, offering job security and career enhancement for all,” said Leigh Howarth, CEO of STATS.

“We are fully aligned with SRJ’s purpose and aspirations, and together, we will continue to support our clients with safe, reliable, and technically superior solutions and continuous innovation,” he added.

For SRJ, the acquisition deal presents a massive opportunity to boost market acceleration by broadening global client locations and relationships, leveraging the opportunities presented by the energy industry while transitioning to net-zero emissions.

“SRJ’s vision is to become a global leader in asset integrity solutions for the energy industry, and this transaction will add value, differentiation, and scale to SRJ,” said Alexander Wood, CEO of SRJ.

“It will drive long-term growth with meaningful revenue synergy opportunities whilst delivering a highly responsive, solutions-led service to our clients,” he added.

Leigh Howarth, the current CEO of STATS, and Pete Duguid, Chairman, and founder of STATS, will remain in the new business outfit even after the transition to provide strategic directions and help in routine business operations.

The acquisition deal will also see the Business Growth Fund, which has been a key supporter of STATS since 2012, realize its investment and quit the business.