Siemens to acquire Dresser-Rand for $7.6 billion

HOUSTON (AP) — German engineering company Siemens AG has reached a deal to acquire oilfield equipment maker Dresser-Rand for $7.6 billion.

Under the deal announced early Monday in Germany, Siemens will pay $83 per common share of Dresser-Rand Group Inc., $3.09 more than the company's closing share price Friday. The deal includes assumption of debt.

Dresser-Rand's board of directors unanimously recommended the offer to shareholders, and Siemens expects to close the deal by summer, according to a statement from the company.

Dresser-Rand, based in Houston and Paris, has annual revenue of around $3 billion. It said in a statement Siemens will operate the company as its oil and gas business under the Dresser-Rand brand and retain its executive team. It said the oil and gas business will be based in Houston.