Abbot’s private equity deal approved
ABBOT Group, the oil and gas drilling specialist that is the subject of an agreed £906m bid from an American private equity firm, said competition authorities covering the key markets of the UK, Norway and Germany had given approval for the deal. Russian authorities approved the deal with First Reserve last month. Aberdeen-based Abbot said the required threshold of support for the issue of loan notes to investors had not been reached by the due date. The consideration due to those shareholders who had elected for loan notes will be payable in cash.