TechnipFMC plc ( FTI Quick Quote FTI - Free Report) , an oilfield service provider, announced plans to sell its Measurement Solutions business to One Equity Partners in a deal worth $205 million cash. The agreement is pending customary adjustments at the closing of the transaction.
The Measurement Solutions business, operating under the Surface Technologies segment, specializes in terminal management solutions and metering products and systems. It has engineering and manufacturing facilities in North America and Europe.
One Equity Partners, the private equity arm of JPMorgan Chase, emerged as the buyer for the Measurement Solutions business. The acquisition represents an opportunity for One Equity Partners to strengthen its presence in the oil and gas sector, capitalizing on the expertise and capabilities embedded in the aforementioned business.
Doug Pferdehirt, the chair and chief executive fficer at TechnipFMC, emphasized the significance of this strategic move. He stated that this transaction reflects the company’s broader portfolio strategy to further focus on core products and market-leading technologies, as well as integrated solutions and services for clients.
The transaction is expected to conclude during the first half of 2024, subject to customary closing conditions. TechnipFMC will collaborate closely with One Equity Partners to facilitate a smooth transition of business activities. The sale is in line with FTI’s efforts to streamline its portfolio and concentrate on key areas of expertise. The company aims to enhance its focus on core products, market-leading technologies, and integrated solutions and services.
Zacks Rank & Key Picks
Currently, TechnipFMC carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the
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