Poles to acquire JDR
Tele-Fonika Kable expects transaction to be completed by third quarter 2017
UK outfit JDR Cable Systems is to be acquired by Polish company Tele-Fonika Kable.
The transaction, which is subject to regulatory approval, is expected to close in third quarter of this year.
The companies said they have a long history of collaboration, with Tele-Fonika Kable providing water blocked power cores for its cable and umbilical systems.
The Polish company plans to maintain JDR’s operations in “current locations, providing new opportunities for the local employees and business partners, and offering our customers innovative solutions”, said Tele-Fonika Kable chief executive Monika Cupial-Zgryzek.
JDR chief executive David Currie said: “This acquisition creates a strong platform for JDR to enhance its position in offshore energy cables and umbilicals.
“It demonstrates the value JDR’s leadership has created through targeted investment in subsea technology, services and manufacturing facilities, and the talent and expertise of our staff.”
Vision Capital is selling its majority stake in JDR to Tele-Fonika Kable.
Simmons & Company International is acting as financial advisor and Macfarlanes is serving as legal counsel to Vision Capital.
Mills & Reeve is acting as legal counsel to the JDR management team. JP Morgan and Société Générale are acting as financial advisors and CMS is serving as legal counsel to Tele-Fonika Kable.