Hunting PLC on Monday said it has completed the sale of its 23% stake in Rival Downhole Tools LC for $13.1 million.
Hunting shares jumped 6.8% to 331.00 pence in London on Monday morning.
The London-based manufacturer of equipment for the energy industry said the equity investment has been sold to an unnamed ‘third party’.
Hunting will receive $12.0million in cash, with $1.1 million put in an escrow account. It will remain there until ‘any outstanding matters are resolved’, which is expected to be within 12 months.
Chief Executive Jim Johnson said: ‘In line with the Hunting 2030 Strategy, we are committed to focusing on and strengthening our core businesses. With the proceeds from the sale of Rival, Hunting has additional funds to pursue strategic acquisitions, with management continuing to review accretive opportunities.’
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