Shareholders of offshore and renewable energy consultancy Aqualis have given the green light to a merger with a division of UK broker Braemar Shipping Services.
Braemar said its move was approved at the Aqualis AGM on Tuesday.
Braemar Technical Services, excluding Braemar Engineering, will now be combined with Aqualis before the end of June.
The deal was announced last month.
Braemar Shipping Services will become the major shareholder in Aqualis following a deal which sees the London-listed group offload three of its four technical businesses.
In January, Braemar identified clearing up the future of its troubled technical business and the appointment of a new chairman as two key factors to attract investors back to its stock.
Both have now been addressed, with Ronald Series taking over the chairman’s chair and now the all-stock deal with Oslo-listed Aqualis.
Braemar will swap its offshore, adjusting and marine businesses for 14.9 million new Aqualis shares, giving it an initial 26% stake. With an extra $6m in performance-based warrants, the holding could rise to 33%.
The fourth business in Braemar’s technical division, its engineering activity, has not been included in the deal due to its crossover with LNG shipbroking activities.
