With this step, the indirect subsidiary of Burckhardt Compression is raising its total interest in the company to 60%.
In December 2015, Burckhardt Compression North America Services acquired a 40% interest in Arkos Group. The Texas-headquartered company is a specialist for gas compressor services and components. It operates 15 service centres across the US.
After acquiring this initial interest in the company, Burckhardt Compression, through other subsidiaries, combined its operating sites in the US with those of Arkos Field Services.
All of the current 16 sites will remain in operation, as geographic proximity to the customer is so important in Arkos’ core business: the upstream market. The upstream sector of the gas industry is engaged in the exploration and production of natural gas.
The call option to acquire an additional 20% stake was part of the original limited liability company agreement of Arkos Group and the transfer of the additional 20% stake will be completed at a future date once all of the legal formalities have been completed.
Burckhardt Compression North America Services has another call option to potentially acquire the remaining 40% at a future date.