GE (NYSE: GE) has closed a deal for Cameron's (NYSE: CAM) reciprocating compression division for $550 million.
The group provides reciprocating compression equipment and aftermarket parts and services to the oil and gas industry. The unit has about 900 employees and 20 locations. The deal was originally announced in January. GE will integrate the business into its downstream technology solutions unit, within GE Oil & Gas.
Cameron, a Houston-based energy services company, also announced in January that it is pursuing strategic alternatives for its centrifugal compression business so the company can focus on its core business. The company provides flow equipment products, systems and services to the oil and gas industry.
GE is just one of many companies making energy services acquisitions. Recently, Enerflex Ltd. (TSX: EFX) agreed to buy Axip Energy Services LP's international contract compression and processing business for $430 million. Before that, Ferrellgas Partners LP (NYSE: FGP) announced a deal for Sable Environmental, which provides fluid logistics services in the Eagle Ford shale region.
For more on interest in oil and gas, see "3Qs With Craig Jarchow, Managing Director, Pine Brook Partners."