Prysmian Group will acquire Gulf Coast Downhole Technologies (GCDT) for about $45 million in cash through an agreement, Prsymian said Sept. 25.
The energy and telecom cable systems company is based in Milan, Italy. The transaction involves an earn-out determined on an average combined EBITDA in the next three years and for a maximum earn-out payment of about $21 million.
Houston-based GCDT’s downhole control, injection flow assurance and monitoring products are installed in oil and gas wells around the world GCDT’s customers include Halliburton, Baker Hughes, Weatherford and Schlumberger. Companies that use the products include Chevron Corp. (CVX), ExxonMobil (XOM) and Shell (RDS-A).
GCDT fits fully into Prysmian’s expansion strategy in subsea umbilicals, risers and flowlines and complements its product range. The portfolio of protectors will be enhanced, the company added.
The acquisition is scheduled to close soon, the company said, subject to certain conditions.
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