GE Power Systems and Osmonics today announced that they have signed an agreement to merge Osmonics into a wholly owned subsidiary of GE in a stock and cash transaction.
Osmonics, headquartered in Minnetonka, Minnesota, is a manufacturer and worldwide marketer of water purification and fluid filtration, separation and handling equipment.
In the merger, Osmonics shareholders will receive the equivalent of $17.00 of GE common stock for each share of Osmonics. Shareholders may elect to receive $17.00 in cash per share instead of GE shares, subject to proration so that the total cash paid does not exceed 55 percent of the total merger consideration.
The merger, which is subject to the approval of the holders of a majority of Osmonics’ outstanding common shares, government approvals and other customary conditions, is expected to close in the first quarter of 2003.
Following the completion of the acquisition, Osmonics will be integrated with GE Water, a unit of GE Power Systems.