French Technip Finalises Acquisition of Global Industries
- Business & Finance
Technip announced that it has completed the acquisition of Global Industries, Ltd . The shareholders of Global Industries approved the merger at a special shareholders meeting held on November 30, 2011 and will receive US$8.00 per share in cash. Global Industries has become an indirect, wholly-owned subsidiary of Technip.
The completion of the merger will allow the integration of Global Industries into Technip to begin, thus benefiting Technip’s and Global Industries’ employees and clients, who have been very supportive of the transaction.
The initial integration planning carried out since the announcement has confirmed the rationale for bringing Technip’s subsea activities and those of Global Industries together.
Global Industries brings its complementary subsea know-how, assets and experience, to Technip, notably including two newly-built leading edge S-Lay vessels, as well as strong positions in the Gulf of Mexico (US and Mexican waters), Asia-Pacific and the Middle East.
The acquisition will be financed using Technip’s existing cash deposits and short-term borrowings. On November 18, 2011, Technip has also signed a US$1.1 billion 2-year multi-currency bank facility which provides additional financial flexibility.
Thierry Pilenko, Chairman and Chief Executive Officer of Technip, said: “I am delighted that we can now welcome the teams of Global Industries to Technip, having completed this merger ahead of schedule. Combining the strengths of two world-class teams will allow us to seize the exciting opportunities that lie ahead notably by handling a broader scope of projects. Our priority is now to quickly and smoothly integrate the teams from Global Industries that it has been a pleasure to start to get to know over the last 2 ½ months, so that our combined teams can focus on winning and executing projects, thus delivering greater value for both our customers and our shareholders.”
Offshore Energy Today Staff, December 2, 2011