Burckhardt Compression North America Services, an indirect subsidiary of Burckhardt Compression, said it has purchased the remaining 60% of Arkos Group, effective as of 25th November 2019.
With this step, Arkos Group, the parent company of Arkos Field Services, will be a 100% subsidiary of Burckhardt Compression and will be fully consolidated as of 25th November 2019, Burckhardt Compression explained in a statement.
According to Burckhardt Compression, the previous CEO and former majority owner of Arkos Group will leave the company but will continue to provide his services and expertise as a consultant to Arkos Field Services.
Burckhardt Compression said it initially acquired a 40% interest in Arkos Group in December 2015.
“The company announced a call option to buy an additional 20% stake in Arkos on 9th July 2019,” a statement from Burckhardt Compression said.
“During subsequent negotiations the parties agreed that Burckhardt Compression would purchase the remaining 60% of Arkos Group.”
“All legal formalities have been resolved, including the resolution of all legal disputes. Both parties agreed not to disclose any details of the settlement.”
Unique one stop shop
With the purchase of the remaining ownership of Arkos, Burckhardt Compression together with Arkos Field Services will be the only independent one-stop provider for equipment and service in the upstream, midstream and downstream business.
The US has the world’s largest installed base of reciprocating compressors.