Finnish firm to acquire Hamworthy
Oil and gas firm Hamworthy is set to be acquired by Finnish group Wärtsilä for around £383m.
Oil and gas firm Hamworthy is set to be acquired by Finnish group Wrtsil for around £383m.
Under the terms of the acquisition Hamworthy shareholders will receive 825p in cash per share, which equates to about £383m in total.
In a statement the firm said: "Combining Hamworthy and Wrtsil will allow both organisations to broaden and enhance their capabilities in rapidly evolving offshore, marine gas applications as well as environmental solutions markets.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Both Hamworthy and Wrtsil will benefit from technology sharing and optimised research and development to enhance position for the global marine and offshore markets."
The acquisition is expected to be closed during the first quarter in 2012.
Gordon Page, non-executive chairman at Hamworthy, added: "The board believes this is an attractive offer for Hamworthy shareholders, reflecting the strengths of Hamworthy's global positions and its growth prospects.
"The combination with Wrtsil represents a strategic transaction, and Wrtsil has committed to providing continued stability and opportunity for our employees within the Wrtsil group and the continued development of Hamworthy's extensive product and service offering for Hamworthy's customers."
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
8 of the best houses for sale with tennis courts
The best houses for sale with tennis courts – from a period property in Dumfries and Galloway with two islands on the River Dee, to a house in Cumbria with a 1977 En Tout Cas tennis court
-
Review: Eden Roc Cap Cana – fun, sun and golf in the Caribbean
Travel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course