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Actuant Corp. (NYSE: ATU), Milwaukee, WI, has entered a definitive agreement to sell its Viking SeaTech business to Acteon Group Limited, a global subsea services business, for approximately $12 million. Actuant has also signed a definitive agreement to purchase Mirage, a UK-based $12 million revenue provider of industrial and energy maintenance tools, from Acteon for approximately $16 million, plus potential future performance based consideration.
“The decision to divest Viking was not taken lightly, but it is consistent with our strategy to concentrate our energy offerings where we can provide the most value over the long term," said Randy Baker, Actuant president and CEO. "It also helps to simplify and stabilize our portfolio by significantly limiting exposure to upstream, offshore oil & gas.”