Oil and gas firm Hamworthy is set to be acquired by Finnish group Wärtsilä for around £383m.

Under the terms of the acquisition Hamworthy shareholders will receive 825p in cash per share, which equates to about £383m in total.

In a statement the firm said: "Combining Hamworthy and Wärtsilä will allow both organisations to broaden and enhance their capabilities in rapidly evolving offshore, marine gas applications as well as environmental solutions markets.

"Both Hamworthy and Wärtsilä will benefit from technology sharing and optimised research and development to enhance position for the global marine and offshore markets."

The acquisition is expected to be closed during the first quarter in 2012.

Gordon Page, non-executive chairman at Hamworthy, added: "The board believes this is an attractive offer for Hamworthy shareholders, reflecting the strengths of Hamworthy's global positions and its growth prospects.

"The combination with Wärtsilä represents a strategic transaction, and Wärtsilä has committed to providing continued stability and opportunity for our employees within the Wärtsilä group and the continued development of Hamworthy's extensive product and service offering for Hamworthy's customers."

NR

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