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Announcement (September 9, 2009):
FMC Technologies has agreed to acquire Direct Drive.
Energy Ventures III LP, a venture capital fund, has agreed to sell its stake in Direct Drive to FMC Technologies.
The transaction is valued at approximately $120 million and expected to close in the fourth quarter of 2009.
Deal Value (US$ Million) 120 Deal Type Acquisition Sub-Category Majority Acquisition Deal Status Completed: 2009-11-02
Deal Participants
Target (Company) Direct Drive Systems, Inc. Acquirer (Company) FMC Technologies, Inc.
Deal Rationale
The combined expertise and innovative technologies of FMC and Direct Drive would allow for the creation of next-generation pumping and compression solutions, strengthening FMC's position in the important area of increased oil recovery.
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