Sondex Receives Acquisition Offer From GE Energy
LONDON, September 3 /PRNewswire/ --
The Board of Directors of Sondex plc (LSE: SDX), a leading supplier of
downhole technology to the oil and gas industry, has received an acquisition
offer from GE Energy, Sondex Chief Executive Martin Perry announced today.
GE Energy's cash offer is 4.60 pounds Sterling per share ($9.27 US), or
289 million pounds Sterling ($582 million US). The deal must still be voted
on by Sondex shareholders and the Board is recommending its approval. Sondex,
which has U.S. offices in Houston, Oklahoma City, Okla., and Lafayette, La.,
and locations in eight other countries around the world, has more than 500
employees. The Sondex team would remain in place and be part of a new unit
within the Optimization and Control business of GE Energy.
"The acquisition of Sondex by GE Energy is an exciting move for our
company and staff," said Perry. "With GE Energy, we will have greater
resources to further develop innovative new technologies and provide an
enhanced level of global support to our customers."
Sondex has served the oil and gas industry for more than 30 years, and
became a publicly listed company on the London Stock Exchange in June 2003.
The company has had a period of sustained growth, both internally and through
acquisitions. Sondex has acquired Computer Sonic Systems and Bluestar Tools
in Calgary, Canada; Geolink in Aberdeen, Scotland; Applied Electronics in
Lafayette, La.; and Ultima Labs in Houston, since going public.
Besides its U.S. and U.K. offices, Sondex has locations in Venezuela,
Canada, Russia, the United Arab Emirates, People's Republic of China,
Australia and Malaysia, supplying major oilfield service companies, national
oil companies and regional service operators with wireline logging and
directional drilling tools and services.
"Sondex will be an important addition to GE Energy's portfolio of
businesses, complementing our existing Tensor product line," said Brian
Palmer, Vice President of GE Energy's Optimization and Control business. "The
company brings to us a broad range of advanced products and technologies, as
well as employees with a deep understanding of the customers they serve. We
expect the combination to form a substantial growth business for GE going
forward."
Sondex designs, manufactures and sells downhole equipment for optimizing
the production of hydrocarbons from mature oil and gas fields. Wireline
products are used to monitor reservoir, well and production conditions.
Measurement While Drilling (MWD) and Logging While Drilling (LWD) products
assist with directional drilling and formation evaluation. Sondex has
consistently invested in research and development, resulting in a wide range
on innovative and reliable downhole products.
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