Reuters: Deals: Marubeni, Japan fund to acquire offshore services firm

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Marubeni, Japan fund to acquire offshore services firm Mar 19th 2012, 11:47 Mon Mar 19, 2012 7:47am EDT (Reuters) - Japan's Marubeni Corp (8002.T) and a state-sponsored fund have agreed to acquire offshore services company Seajacks International from private equity firm Riverstone Holdings for an undisclosed amount. On Sunday, the Nikkei business daily had pegged the deal's value at $850 million. Seajacks International operates in the European offshore wind market, but also serves the European offshore oil and gas markets. "Marubeni's current involvement in offshore wind projects in Europe and our engineering, procurement & construction expertise make Seajacks an ideal fit for our portfolio," Marubeni's Executive Officer Masumi Kakinoki said. The sale, expected to close at the end of April, will help Marubeni strengthen its position in Europe. Marubeni said it intends to integrate the seajacks business into its power projects & infrastructure division. Riverstone Holdings LLC is an energy and power-focused private equity firm.

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