Sumitomo Corp. and Baton Rouge, La.-based Edgen Group recently announced the signing of a definitive merger agreement whereby Sumitomo will acquire all outstanding shares of Edgen Group for $12 per share in cash. The acquisition, expected to close before the end of 2013, is subject to customary closing conditions and regulatory approvals. The acquisition is worth a reported $1.2 billion.
Edgen Group is a leading global distributor of specialty products to the energy and infrastructure markets, including steel pipe, valves, quenched and tempered and high-yield plate, and related components such as fittings, flanges and connectors. Edgen Group has two commercial brands, Edgen Murray and Bourland & Leverich, and had total 2012 U.S. sales of $2.059 billion with 660 employees in more than 35 locations in 18 countries. Edgen Group President and CEO Dan O’Leary will continue to lead the company’s strategic growth initiatives.