Burckhardt Compression North America Services LLC, an indirect subsidiary of Burckhardt Compression, has purchased the remaining 60% of Arkos Group LLC.
With this step, Arkos Group LLC, the parent company of Arkos Field Services LP, will be a 100% subsidiary of Burckhardt Compression and will be fully consolidated as of 25 November 2019.
The previous CEO and former majority owner of Arkos Group will leave the company but will continue to provide his services and expertise as a consultant to Arkos Field Services.
Burckhardt Compression initially acquired a 40% interest in Arkos Group in December 2015. On 9 July 2019, Burckhardt Compression announced to exercise a call option to buy an additional 20% stake in Arkos. During subsequent negotiations the parties agreed that Burckhardt Compression would purchase the remaining 60% of Arkos Group LLC. All legal formalities have been resolved, including the resolution of all legal disputes. Both parties agreed not to disclose any details of the settlement. Arkos Field Services will be fully consolidated as of 25 November 2019.
With the purchase of the remaining ownership of Arkos, Burckhardt Compression together with Arkos Field Services will be an independent one-stop provider for equipment and service in the upstream, midstream and downstream business.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/27112019/burckhardt-compression-acquires-arkos-group/