US energy-focused private equity firms First Reserve and Riverstone have completed the sale of electrical infrastructure company Dresser to power giant General Electric for $3bn.
Dresser provides products for compression, flow technology, measurement and distribution infrastructure in over 150 countries, and is to be integrated into GE’s energy services and power and water business units.
Its portfolio includes valves, actuators, meters, switches, regulators, piping products, natural gas-fuelled engines for compression, retail fuel dispensers and associated retail point-of-sale systems and air and gas handling equipment, with 60 per cent of its business coming outside the US.
General Electric has announced $5bn of energy sector acquisitions over the last few months, including an agreement to acquire power conversion company Lineage Power from the Gores Group, and the acquisition of waste heat recovery company Calnetix Power Solutions.
The company has also announced its intention to make an offer for oil and gas pipeline company Wellstream.
First Reserve is to set its sights on the growing energy demand of the Far East with the opening of a Hong Kong office.
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