First Reserve to buy Dresser-Rand in carve-out deal

First Reserve Corp., a Greenwich, Conn., private-equity firm, agreed to buy Dresser-Rand Co. from Ingersoll-Rand Co. Ltd. for $1.2 billion.

Aug. 27, 2004

By OGJ editors

HOUSTON, Aug. 27 -- First Reserve Corp., a Greenwich, Conn., private-equity firm, agreed to buy Dresser-Rand Co. from Ingersoll-Rand Co. Ltd. for $1.2 billion.

It will be First Reserve's third carve-out acquisition this year and its second billion-dollar transaction in the past 6 months. Dresser-Rand supplies compressors, turbines, engines, parts, and services to the energy industry.

The acquisition is expected to close in the fourth quarter. First Reserve's other recent transactions include the formation of Foundation Coal Holdings, and the acquisition of Halliburton Co.'s surface well-testing business.