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3i sells SPS

3i is selling its 51% stake in Aberdeen-based Specialised Petroleum Services (SPS) Group, a provider of wellbore clean-up products and services for the oil and gas industry, to M-I Swaco.

SPS’s founder and other shareholders are also exiting at this time. The purchase price for the entire company is approximately US$165m. 3i has been a major shareholder and investor in SPS since 1999; since that time the company has strengthened its global market footprint and expanded its product and service offering through organic and acquisitive growth.