Sumitomo to Acquire Edgen Group
Sumitomo Corp. and Sumitomo Corp. of America Inc., collectively Sumitomo, and Edgen Group Inc. announced the signing of a definitive merger agreement whereby Sumitomo will acquire all outstanding shares of Edgen Group for approximately $520 million. Edgen Group is a Baton Rouge, La.-based global distributor of specialty products to the energy and infrastructure markets, including steel pipe, valves, quenched-and-tempered and high-yield plate, and related components such as fittings, flanges and connectors. Edgen Group has two commercial brands, Edgen Murray and Bourland & Leverich, and has 660 employees and operations in over 35 locations in 18 countries. Bourland & Leverich is a U.S. domestic oil-country tubular goods (OCTG) distributor. The acquisition, which is expected to close before the end of 2013, represents further expansion of Sumitomo’s distribution presence across the upstream, midstream and downstream oil and gas markets.