German engineering giant Siemens on Monday announced it made an offer of 7.6 billion U.S. dollars to acquire all common shares of Dresser-Rand, an American supplier of custom-engineered rotating equipment solutions.
The offer price is 83 U.S. dollars per common share in cash, according to a statement by the Munich-based company, adding that its bid was unanimously supported by Dresser-Rand's board of directors.
"As the premium brand in the global energy infrastructure markets, Dresser-Rand is a perfect fit for the Siemens portfolio," said Joe Kaeser, president and CEO of Siemens AG.
"The combined activities will create a world-class provider for the growing oil and gas markets. With this, Dresser-Rand will become 'the' oil and gas company within Siemens and fit right into our Siemens Vision 2020," Kaeser added.
Dresser-Rand is a leading supplier of related-energy infrastructure such as compressors, steam turbines, gas turbines and engines.
Siemens expects to close the transaction by summer 2015.