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GE to buy Wellstream for US$1.3b
Source: Agencies |
December 14, 2010, Tuesday
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GENERAL Electric Co said yesterday it would buy British oilfield services company, Wellstream Holdings Plc, for about 800 million pounds (US$1.3 billion) in a deal that would expand the United States conglomerate's subsea equipment and services portfolio.
GE said Wellstream shareholders would get 780 pence in cash and a special dividend of 6 pence per Wellstream share under the deal. Shares of Wellstream closed at 747 pence last Friday in London.
The deal will also help enhance GE's ability to capitalize on growth in Brazil, Africa and Asia, it said.
The deal will further extend GE's reach into the floating production, storage and offloading offshore segment.
GE said Wellstream shareholders would get 780 pence in cash and a special dividend of 6 pence per Wellstream share under the deal. Shares of Wellstream closed at 747 pence last Friday in London.
The deal will also help enhance GE's ability to capitalize on growth in Brazil, Africa and Asia, it said.
The deal will further extend GE's reach into the floating production, storage and offloading offshore segment.
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