Sumitomo completes Edgen acquisition
Japan's Sumitomo Corporation of America and Sumitomo Corp completed the acquisition of Edgen Group Inc. The transaction is valued at USD520 million. Assuming that Edgen's debt is included, the deal is worth USD1.2 billion, according to a report published by The Advocate.
Edgen is a global distributor of specialized products to the energy and infrastructure industries. The Baton Rouge-based company operates under the commercial brands Edgen Murray and Bourland & Leverich. Edgen Murray distributes specialized steel products for natural gas and petrochemical businesses worldwide. Bourland & Leverich is a distributor of U.S. domestic oil country tubular goods, the report said.
Sumitomo Corp is a global trading company based in Japan. The whole Sumitomo Corporation Group is made up of almost 800 firms and over 70,000 workers. Sumitomo has 116 branches in 65 countries and 24 headquarters in Japan, said the report.
Sumitomo bought the Edgen shares at USD12 apiece. Under the terms of the deal, Edgen president Dan O'Leary will continue to oversee the strategic growth campaigns of the company, The Advocate reported.