PRINT THIS PAGE Candover, 3i and JP Morgan agree to acquire Swiss engineering company for nearly $1bn28/10/2003. Source: AltAssets. 
 Private equity firms Candover, 3i Group and JP Morgan Partners have agreed to acquire the oil, gas and petrochemicals division of Swiss engineering company, ABB, for between $925m and $975m.
ABB's oil, gas and petrochemicals division comprises two major subsidiaries, Vetco Gray and Offshore Systems. The two businesses operate in 31 countries and had revenues of $1.7bn in 2002, according to a report by Reuters.
The sale, which remains some way off completion, forms part of ABB's strategy to shed its burgeoning debt load by divesting itself of non-core assets. ABB narrowly avoided insolvency last year and is now undergoing a massive financial restructuring in order to repay a $1.5bn secured liquidity loan and to cut its debt mountain by $6.5bn by the end of 2003.
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