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”.