Technip has signed a definitive merger agreement to acquire Global Industries for $8 per share in cash.

The deal values Global Industries at $1.07bn, including $136m of net debt, and was unanimously approved by Global Industries’ board of directors.

The transaction will be funded using existing cash balances and credit facilities, and is to be accretive to Technip’s earnings per share by 5-7% in 2013.

With this transaction, Global Industries brings to Technip its subsea know-how, assets and experience, which comprises 2,300 employees and 14 vessels.

The transaction is to close early in 2012.