Bourbon SA, a France-based offshore services provider, is set to sign a deal on July 14 to acquire a majority stake in India’s Global Offshore Services.

Consultancies KPMG and EY (formerly Ernst & Young) have set the enterprise valuation of Global Offshore, which is providing offshore support vessels to oil and gas exploration, at $700 million (around ₹4,200 crore).

According to people participating in the discussion, Bourbon has invited a section of promoters and investors of Global Offshore to Paris for signing the deal.

The French firm seeks to acquire a 50.1 per cent stake in Global Offshore. Bourbon will come up with an open offer for another 25 per cent after the deal is through.

Among the promoters of Global Offshore are the Garware family (23 per cent) and India Star, a Mauritius-based private equity fund (29.36 per cent).

According to the arrangement, the Garware family will offload around 20 per cent of its stake and retain 3 per cent for some time. Aditya Garware, currently Vice-Chairman and MD of Global Offshore, will continue in his position until Bourbon integrates the acquired company’s businesses with itself.

Queries sent to the Garware group remained unanswered till press time.

Two foreign promoters of Global Offshore – Rondor Overseas Ltd and Clearwell Enterprises Ltd — are not divesting their holdings. These two hold a total of 10.37 per cent in the Indian company.

Manoj Mittal, an investor, who along with his associates holds 6.9 per cent in Global Offshore, will be present at the deal signing, but will offload his stake only in the open offer. Mittal also declined to comment.

Other significant investors in Global Offshore are General Insurance Corporation of India (3.3 per cent) and United India Insurance Co (3.9 per cent).

Global Offshore and its two subsidiaries have 11 offshore services vessels with an average age of three years. Except for one, all others are on charter on international waters.

The lone vessel that is in action in domestic water is on a long-term charter with India’s state-run explorer Oil and Natural Gas Corporation.

On Tuesday, Global Offshore’s stake shed 1.46 per cent to ₹361.25 on the BSE.

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