Wärtsilä agrees on cash offer for acquisition of Hamworthy

Marine power systems provider Wärtsilä has reached an agreement with Hamworthy, a UK-listed engineering company focussed on the marine and oil and gas sectors, in regards to a recommended cash offer for the acquisition of Hamworthy.

Under the acquisition’s terms, Hamworthy shareholders will receive 825 pence in cash for each Hamworthy share, valuing Hamworthy’s entire issued and to be issued share capital at approximately £383m.

The acquisition is conditional on the approval by the shareholders of Hamworthy and expected to be closed during the first quarter in 2012.

It is also subject to relevant regulatory approvals in Germany and Norway.