Houston-based private equity firm Pelican Energy Partners has agreed to acquire GSE Solutions, an engineering provider to the nuclear power industry, in an all-cash transaction.
Under the terms of the merger agreement, which was unanimously approved by GSE’s board of directors, Pelican will acquire all the outstanding shares of GSE for an estimated total cash consideration of $4.10 per share. The consideration per share represents a premium of approximately 50% to GSE’s closing share price as of 7 August.
The transaction is expected to close in Q3 or Q4 2024.
In a statement, Ravi Khanna, President and CEO of GSE, said that he believed the deal was “truly a win-win for GSE shareholders, customers and employees, as well as Pelican and the nuclear power industry as a whole”.
Sam Veselka, Managing Director at Pelican, added: “Pelican is excited to partner with Ravi and his team to grow GSE. As a private company, the team will have the flexibility to capitalise on growth initiatives and invest in technology to create value for their customers. GSE has an excellent reputation in the market and provides a critical service that will benefit from new plant development and existing plant upgrades and extensions. As growth equity investors, Pelican is dedicated to expanding nuclear energy services to support the sector.”
GSE is being advised by Baird, Miles & Stockbridge and Potter Anderson Corroon. Pelican Energy Partners is being advised by Locke Lord.
Source: Private Equity Wire
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