GE Power Systems to acquire Osmonics
Atlanta, GA; Minnetonka, MN—GE Power Systems and Osmonics Inc. announced Nov. 4 that they've agreed to merge Osmonics into a wholly owned subsidiary of GE in a stock and cash transaction.
Osmonics manufactures water purification and fluid filtration, separation and handling equipment. GE Power Systems is a division of the General Electric Co.
The acquisition agreement calls for Osmonics' shareholders to receive the equivalent of $17 worth of GE's common stock for each share of Osmonics. Shareholders can choose to receive their $17 per share in cash instead of GE's shares. These are subject to prorating, so the total cash paid won't exceed 55% of the merger's total consideration.
Subject to the approval of a majority of Osmonics' common shareholders, as well as regulatory and other approvals, the acquisition is expected to close in 1Q03. Once the sale is complete, Osmonics will be integrated with GE Water
Control Engineering Daily News Desk
Dick Johnson, senior editor