Sumitomo To Acquire Edgen Group Inc. - Quick Facts

(RTTNews) - Sumitomo Corporation and Sumitomo Corporation of America Inc., and Edgen Group Inc. (EDG) announced the signing of a merger agreement whereby Sumitomo will acquire all outstanding shares of Edgen Group Inc. for $12.00 per share in cash.

Edgen Group is a Baton Rouge, Louisiana based global distributor of specialty products to the energy and infrastructure markets. Edgen has two commercial brands, Edgen Murray and Bourland & Leverich, and had total sales of $2.059 billion in 2012 with 660 employees and operations in over 35 locations in 18 countries.

Sumitomo said, with the acquisition of Edgen Group, it will gain a global distribution platform, including staff, facilities, and an expanded specialized steel product offering that will allow the company to continue its growth and support the development of global energy infrastructure.

Dan O'Leary, President and Chief Executive Officer of Edgen Group will continue to lead Edgen Group's strategic growth initiatives.