Cameron International Eyes Joy Global’s LeTourneau Technologies

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
375MM
Description

To acquire LeTourneau Technologies Drillings Systems & Offshore Products divisions which provide drilling equipment & rig designs & components for land and offshore rig markets.

Cameron International Corp., Houston, (NYSE: CAM) plans to acquire LeTourneau Technologies Drillings Systems and Offshore Products divisions from Joy Global Inc., Milwaukee, (Nasdaq: JOYG) for approximately $375 million in cash.

LeTourneau provides drilling equipment and rig designs and components for both the land and offshore rig markets. Products include elevating systems, skidding systems, cranes, top drives, rotary tables, draw works, mud pumps and rig control and power systems.

Cameron chairman and chief executive Jack Moore says, "The addition of LeTourneau's portfolio of drilling equipment and rig components adds to our existing products offering and enhances the growth opportunities for our drilling systems platform.”

Credit Suisse Securities (USA) LLC is financial advisor to Cameron. Porter Hedges LLP is legal advisor.

The deal is expected to close during the fourth quarter.