Siemens will buy US oil equipment maker Dresser-Rand Group for 7.6 billion dollars, the German engineering company said early Monday.
Siemens will pay 83 dollars a share for the acquisition, and said it expects to close the deal by the summer of 2015.
The company said in a statement that the bid was unanimously supported by Dresser-Rand’s board of directors.
The German company beat out Switzerland-based Sulzer AG, which was also said to be eyeing a deal with Dresser-Rand.
Dresser-Rand, the US supplier for the oil and gas industry, manufactures compressors, steam and gas turbines and engines, which complements Siemens’ existing portfolio.
GNA
