A French billionaire will be the new owner of Aberdeen-headquartered Sparrows Group.
Altrad has snapped up the Aberdeen crane hire and energy services company for an undisclosed sum.
Around 2,000 workers from Bridge of Don-based Sparrows are expected to transfer over to the French-headquartered company when the deal closes in the second or third quarter of the year.
Altrad, which has a north-east operation in Dyce, said the group will run independently within the wider organisation and "therefore redundancies are unlikely".
It added that it will retain Sparrows' "existing and well-respected management team".
The industrial services giant was founded by Mohed Altrad in 1985 when he acquired a small French scaffolding company.
The group now employs around 40,000 people in around 170 business units around the globe and it reported turnover of £2.25billion last year.
Mr Altrad said: “Sparrows is well-respected across all the global locations it operates and is a trusted service provider and supplier to numerous sectors and strategic clients.
"Sparrows’ 2,000 skilled and knowledgeable people will be a valuable addition to our group and we are looking forward to welcoming them to the Altrad family”.
Stewart Mitchell, CEO of Sparrows, said, “This is a hugely exciting time for Sparrows, and we are looking forward to joining Altrad.
"We are excited about Altrad’s strategic vision and ambition, and this transaction will deliver many advantages for our clients and employees as we continue on our diversification and growth trajectory.
"The shared values between Altrad and Sparrows, especially a commitment to quality and safety, allow us to sustainably support each other’s ambitious growth aspirations”.
Completion of the transaction is subject to customary regulatory approvals and is expected to occur in the second or third quarter of 2022.
Evercore served as financial advisor, and Freshfields served as legal counsel to Sparrows. Altrad was advised by BNP Paribas and Squire Patton Boggs.