GE to Acquire Wellstream

10 March 2011 (Last Updated March 10th, 2011 18:30)

General Electric Austria, a subsidiary of GE, had received valid acceptances for 98.63% of Wellstream's shares as part of its strategic acquisition of the subsea firm. The listing of Wellstream's ordinary shares on the official list has been cancelled and its shares ceased to be adm

General Electric Austria, a subsidiary of GE, had received valid acceptances for 98.63% of Wellstream’s shares as part of its strategic acquisition of the subsea firm.

The listing of Wellstream’s ordinary shares on the official list has been cancelled and its shares ceased to be admitted for trading on the London Stock Exchange.

The $1.3bn acquisition will expand GE Oil & Gas’s subsea manufacturing and services portfolio and accelerate its presence in the deepwater production regions of Africa, Asia and Brazil.

With the purchase, GE will leverage the floating production, storage and offloading offshore segment, which is an important part of deepwater oil and gas production.

GE Oil & Gas president and CEO Claudi Santiago said that GE continues to expand its localised presence in Brazil through the addition of Wellstream’s manufacturing facility in Niteroi.