European regulators clear Siemens AG's $7.6 billion buyout of Dresser-Rand

European regulators have cleared Siemens' $7.6 billion acquisition of the U.S. oilfield equipment maker Dresser-Rand.

The German electronics and engineering company is beefing up its global oil and gas and power generation businesses, seeing growth opportunities in Dresser-Rand's portfolio of compressors, steam and gas turbines and engines.

The deal is scheduled to close on June 30.

Siemens AG has agreed to pay $83 per common share of Dresser-Rand, which has a market capitalization of $6.12 billion. The deal includes assumption of debt.

Dresser-Rand Group Inc., based in Houston and Paris, has annual revenue of around $3 billion and employs about 8,100 people. The company will retain its name and become Siemens' oil and gas business, based in Houston.