Kongsberg Maritime AS (KM), a wholly-owned subsidiary of Kongsberg Gruppen ASA (KONGSBERG), has completed the sale of its US based underwater technology company Hydroid to Huntington Ingalls Industries (HII).
In a press release on 4 February 2020, KONGSBERG had announced that KM had entered into an agreement with HII on the sale of the wholly-owned subsidiary Hydroid, Inc. for USD 350 million on a debt-free and cash-free basis and as adjusted off an agreed upon working capital. The transaction has now been completed.
HII is the largest supplier of vessels to the US Navy. In connection with the transaction, KM and HII have entered into a strategic alliance agreement effective as of today. The agreement relates to under water technology from KM's world-leading underwater environment in Horten, as well as a wider range of KM's maritime solutions.