Gas

Siemens agrees to acquire Dresser-Rand

Dresser-Rand Group Inc. (NYSE: DRC) signed a definitive merger agreement in which Siemens (NYSE: SI) would acquire all outstanding shares of Dresser-Rand common stock for $7.6 billion.

Siemens plans to operate Dresser-Rand as its oil and gas business and retain the Dresser-Rand brand name and its executive leadership team. Dresser-Rand is a global supplier of rotating equipment and aftermarket parts and services.

The deal is expected to close in summer 2015 and is subject to Dresser-Rand shareholder approval, regulatory approval in the U.S., Europe and other jurisdictions and other customary closing conditions. 

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