Houston-based Dresser-Rand Group Inc. (NYSE: DRC) shareholders unanimously approved a deal in which Siemens Energy Inc. would acquire the oilfield equipment company for $7.6 billion.
The meeting was held last Thursday and 98.9 percent of the shareholders voted in favor of the deal. Votes were also approved for potential executive compensation though it is not officially binding.
Once closed next year, Dresser-Rand stockholders will receive $83 in cash for each share of common stock they own, plus, if the deal closes on or after March 1, .55 cents per month for each share beginning March 2015 to and including the month in which the closing occurs.
Initially after months of speculation, the deal was announced in September that Germany’s Siemens AG would acquire Dresser-Rand in a cash deal valued at $7.6 billion with the assumption of debt.
Siemens also announced in the deal it will keep the Dresser-Rand brand and executive leadership team intact. Plus, Siemens will make Houston the headquarters of its oil and gas business.