HitecVision and Converto Capital have sold oil and gas leak detection company Naxys to NYSE-listed General Electric.
HitecVision and Converto established the joint venture Bokin Invest in 2009 to complete a €66m buy out of Bjørge, which was listed on the Oslo Stock Exchange at the time.
Once taken private, Bjørge was divided into Stream, Align and Naxys and although details of the transaction have yet to be released General Electric's acquisition of Naxys sees the first realisation of HitecVision and Converto's demerger of Bjørge.
Founded in 1999, the Bergen-based company employs 31 people and specialises in high-tech leak detection and condition monitoring for subsea installations.
GE intends to integrate Naxys into its measurement and control business, a subsidiary of GE Oil and Gas, giving it a foothold in the Norwegian market.