General Electric Co. (GE) said Wednesday that it is increasing its ownership in Sweden's Arcam (ARCM.SK) by purchasing both Elliott Management's and Polygon Investment Group's outstanding shares in the company.
GE will pay 345 Swedish kronor ($41.44) for each Arcam share, it said.
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The deal, which will be carried out through GE's wholly-owned subsidiary GE Sweden Holdings AB and which is expected to be completed on Dec. 29, will increase GE's stake in Arcam to around 95% from 77%.
GE said that in the future, it plans to acquire all remaining shares of Arcam in a compulsory buyout procedure under the Swedish Companies Act. It also intends to request that Arcam delists its shares from the Nasdaq Stockholm exchange, it said.
Arcam develops electron-beam melting machines for metal-based additive manufacturing and is a producer of advanced metal powders. It has customers in the aerospace and orthopedic industries.
Shares in Arcam were trading up SEK28, or 9%, at SEK340 at 1008 GMT.
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(END) Dow Jones Newswires
December 27, 2017 05:24 ET (10:24 GMT)