The Herald

Abbot’s private equity deal approved

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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.

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