Reuters reported that Finnish ship and power plant engine maker Wartsila has agreed to buy British engineering firm Hamworthy for GBP 383 million to boost its presence in the energy sector.

Wartsila said that Hamworthy shareholders will receive 825 pence per share in cash. The offer values Hamworthy's issued and to be issued share capital at about GBP 383 million.

Wartsila said that "Combining Hamworthy and Wartsila will allow both organizations to broaden and enhance their capabilities in rapidly evolving offshore, marine gas applications as well as environmental solutions markets."

Wartsila said that the takeover is expected to be closed during the first quarter in 2012. The acquisition is subject to regulatory approvals in Germany and Norway.

(Source from www.reuters.com)