TechnipFMC Intends to separate into two companies
Baku, Azerbaijan, Aug. 27
By Leman Zeynalova - Trend:
Board of Directors of TechnipFMC plc, headquartered in London, has unanimously approved the plan to separate into two industry-leading, independent, publicly traded companies, Trend reports citing the company.
One of them will be RemainCo, a fully-integrated technology and services provider, continuing to drive energy development; and the second one will be SpinCo, a leading engineering and construction (E&C) player, poised to capitalize on the global energy transition.
The transaction is expected to be structured as a spin-off of TechnipFMC’s Onshore/Offshore segment to be headquartered in Paris, France.
The separation is expected to be completed in the first half of 2020, subject to customary conditions, consultations and regulatory approvals, at which time all outstanding shares of SpinCo will be distributed to existing TechnipFMC shareholders.
The transaction is expected to be tax free to certain shareholders where permissible, including the United States.
Rothschild & Co. is acting as financial advisor, and Latham & Watkins, LLP is acting as legal advisor with Darrois Villey Maillot Brochier serving as an additional legal advisor.
Follow the author on Twitter: @Lyaman_Zeyn