Wastewater treatment business Nature Group intends to buy a substantial oil waste business that fits geographically with its existing activities.
Shares in the company have jumped 7.25p to 65.5p each, which values Nature at £25.8m.
Nature has signed a letter of intent to acquire the business, which provides slops and tanker washing disposal services to a major port in north west Europe. Due diligence is underway.
Plans to increase the capacity of the Gibraltar facility from 7000m³ to more than 12000m³ have been finalised. The lease for the facility will be extended and Nature intends to acquire a petroleum products licence for Gibraltar – enabling it to expand the range of services offered.
Nature has decided not to go ahead with the potential deal with a company in the offshore rig sector which wanted to licence the technology to Nature’s offshore treatment units and deploy them around the world. This would have hampered the company’s ability to do deals with other companies in the oil sector.
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