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© solstudio dreamstime.com Components | October 03, 2013

Sumitomo to acquire Edgen Group

Sumitomo and Edgen Group has signed a definitive merger agreement whereby Sumitomo will acquire all outstanding shares of Edgen Group for USD 12.00 per share in cash.
The acquisition, which is expected to close before the end of 2013, is subject to customary closing conditions and regulatory approvals.

“The investment in Edgen Group will represent further expansion of Sumitomo’s distribution presence across the upstream, midstream, and downstream oil and gas markets, and other related energy and infrastructure segments and will complement Sumitomo’s integrated supply solutions to the growing energy market,” said Kazuhiro Takeuchi, President and CEO, SCOA and SC General Manager for the Americas.

“With the acquisition of Edgen Group, we gain a global distribution platform, including experienced staff, facilities, and an expanded specialized steel product offering that will allow us to continue our growth and support the development of global energy infrastructure. As a leader in the supply of steel products, we continue to build a robust value chain from manufacturing through distribution and related services, to support our customer’s requirements.”

Dan O’Leary, President and Chief Executive Officer of Edgen Group will continue to lead Edgen Group’s strategic growth initiatives. Mr. O’Leary stated, "The opportunity to align the Edgen Group strategy with the Sumitomo organization will benefit both businesses. The Edgen Murray and Bourland & Leverich commercial brands are well established and can now bring even greater scale to serve customers throughout global energy end-markets.” Mr. O’Leary added, “Our focus on highly engineered and mission critical steel products and our extensive industry knowledge and expertise in increasingly complex applications used in oil and gas drilling, extraction, production and processing complement Sumitomo’s existing business.”

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