Private equity firm 3i has agreed to buy out the remaining 50% held in Danish offshore vessel operator Esvagt held by co-owner AMP Capital.
The London-based firm has agreed to pay £268m ($355m) for the stake. Completion of the deal is expected to take place in the first quarter of 2022.
3i Infrastructure had previously disclosed that a strategic review of its holding in Esvagt was in progress and that as part of that review, offers had been invited.
However, the company retained the options of continuing to hold its 50% stake, to sell, or to offer to buy the AMP Capital stake.
"Binding offers for 100% of the equity were received but not at a compelling price for 3i Infrastructure, and so the company elected to offer to buy the AMP Capital stake," 3i said.
Esvagt is described as the "market leader" in the fast-growing segment of service operation vessels (SOV) for the offshore wind industry.
The company is also a leading provider of emergency rescue and response vessels (ERRV) and related services to the offshore energy industry in and around the North Sea and the Barents Sea.
"Since acquiring Esvagt in 2015, 3i Infrastructure and AMP have supported management in driving the company's shift in strategic focus towards SOVs and becoming a key enabler of offshore wind operations in Europe," 3i said.
"SOVs represented less than 10% of earnings at acquisition but have grown to provide the majority of Esvagt's contracted earnings today."
During this period, Esvagt has delivered six new SOVs, and has entered into a joint venture with US-based Crowley to support the emerging offshore wind energy market there.
"The offshore wind market, and hence demand for SOVs, is expected to grow strongly over the coming years, as many European governments and US states have set ambitious offshore wind build-out targets as part of their wider net-zero emissions plans," 3i said.
Richard Laing, chairman of 3i Infrastructure, said that Esvagt's transition into a "market leader" in European offshore wind has been a "major achievement".
"We believe that it is well-placed to benefit from continuing attractive growth prospects in the wind sector and we are delighted to be acquiring 100% of the business," he added.
Esvagt chief executive Peter Lytzen said: "This decision is a testimony to the strong potential 3i see in Esvagt and a genuine trust in our organization, which we only can appreciate.
"From a practical point it also means we can continue developing our company business as usual and protect the strong Esvagt values, which has been the foundation for our success since 1981."
