French oilfield services firm Technip has agreed to purchase subsea technology company Global Industries (Nasdaq: GLBL) for $8 per share or $1.073 billion.
The board of directors of Global Industries has unanimously approved the transaction, which represents a 55 percent premium to Global Industries' closing price on Sept. 9, 2011.
US-based Global Industries has extensive subsea, pipelay and heavy life experience; 2,300 employees; and 14 vessels, including two newbuild S-Lay vessels, with strong positions in the Gulf of Mexico, Asia Pacific and Middle East .
"Global Industries’ capabilities, know-how and experience, notably in S-Lay and Heavy Lift, add to our already unique vertically integrated range of products and services, enabling us to offer our clients greater value in the execution of complex projects from deep-to-shore," said Thierry Pilenko, chairman and CEO. "We expect that the application of Technip's own skills in offshore and subsea developments, its commercial footprint and its project management experience will drive a rapid deployment of the Global Industries teams and assets on customer projects.
The transaction is expected to be completed by early 2012, and the two companies are working on the integration plan for the merger.
Fonte: website PennEnergy
