GE (NYSE:GE), through its wholly owned subsidiary GE Sweden Holdings AB, is increasing its ownership in Arcam Aktiebolag (publ) to more than 90 percent after having entered into a trade with both Elliott Management and Polygon Investment Group to purchase their outstanding Arcam shares at SEK 345 per share, the company said.
GE previously owned approximately 77 per cent of Arcam´s outstanding shares. Upon the completion of the transaction on December 29, GE will own approximately 95 percent of Arcam.
In the future, GE plans to begin the process under the Swedish companies Act to acquire all remaining outstanding shares of Arcam in a compulsory buy-out procedure. Also, GE intends to request that Arcam initiate actions to delist Arcam´s shares on the Nasdaq Stockholm exchange.
GE purchased controlling shares of Arcam in a public cash offer to tender all shares in late 2016. Based in Sweden, Arcam is the inventor of electron beam melting machines for metal-based additive manufacturing, and a producer of advanced metal powders with customers in the aerospace and orthopedic industries.
GE Additive is part of GE, led by David Joyce, GE Vice Chairman and CEO of GE Aviation, an operating unit of GE and a world-leading provider of jet engines, components and integrated systems for commercial and military aircraft.