GE Energy to buy BHA Group Holdings

ATLANTA, June 1 (UPI) -- GE Energy of Georgia said Tuesday it has signed a definitive agreement to acquire BHA Group Holdings of Missouri for approximately $260 million.

Under terms of the deal, GE Energy will acquire BHA in an all cash transaction for $38 per share or approximately $260 million. Upon completion of the transaction, BHA will become a wholly owned subsidiary of GE.

BHA is a provider of air quality control products and services and has operations in 11 countries, supplying parts, services and engineered upgrades to reduce particulate matter emissions for a broad range of power generation and industrial applications

Following the closing of the acquisition, BHA will be integrated with GE Energy's portfolio of environmental services.

John Rice, president and chief executive officer of GE Energy, said, "Adding the capabilities of BHA will better enable GE Energy to address our customers' growing need to reduce particulate matter emissions."

The deal is subject to customary closing conditions including regulatory approvals and BHA stockholder approval. The acquisition is expected to close in late summer.