Under the terms of the deal StormGeo will acquire all shareholders’ stock in the company, a move which AWT chairman and founding owner Jung Soo Kang described as a “friendly acquisition that is in the interests of both companies, their employees and customers.”
StormGeo itself already has a number of different shareholders, including majority shareholder Reiten&Co, a private equity company which holds a stake of 54.9 per cent, followed by DNV GL which owns 24 per cent.
"Ever since we invested in this exciting industry, it has been our ambition to establish global leadership. AWT adds perfectly to our current business, and it is our focused ambition to further strengthen performance and innovation in the combined group," said Christian Melby, managing partner of Reiten & Co and a director at StormGeo.
Following the acquisition, AWT says that it will continue to deliver its range of ship route advisory services and maritime weather and decision support software products under the AWT brand name to ship owners and operators worldwide.
AWT CEO Haydn Jones commented that he believes that, “The two companies have complementary strengths – StormGeo is very strong in the offshore oil and gas sector, AWT is a brand leader in routing and weather based decision support services for commercial shipping.”
The combined group expects to gain technical and data synergy advantages from the merger that will benefit the full range of maritime customer market sectors.
“We are delighted to have found a new partner with the same focus on quality and product development as ourselves,” said Kent Zehetner, the CEO of StormGeo.
“Outstanding performance within key areas like ship routing and marine forecasting will strengthen our product offering around the globe. Our main goal is to combine the knowledge base and expertise from both companies to develop new cutting edge products that will continue to be highly appreciated by our customers.”
“Haydn Jones, CEO at AWT, will continue at AWT headquarters and will take the role of global head of shipping. His experienced management team and employees will ensure continuity with their existing customers.”
The combined StormGeo Group will now operate out of 22 offices in 14 countries with more than 320 employees.