San Francisco-based private equity firm Fox Paine is to acquire Paradigm Geophysical in a $100 million transaction. Fox Paine is paying a 38% premium over Paradigm’s recent average closing price and already has agreement from 42% of Paradigm’s shareholders.
Fox Paine CEO Saul Fox said, “We have been active investors in the oil and gas and power industries since the ’80s and understand the significance of Paradigm’s industry leading products and services. We are pleased to be associated with the Paradigm management team, led by chairman Eldad Weiss, who has built a dynamic, global operation serving the upstream petroleum industry.”
Weiss added, “This is a vote of confidence in our people, products and customer relationships. This deal will enable us to pursue our goals of delivering superior technologies, expanding through acquisitions and widening our range of products and services for the oil and gas industry.” The acquisition was made by Fox Paine unit Paradigm Geo-technology BV, located in London and the Netherlands. The deal is expected to close in August 2002.
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