GSE Solutions and Pelican Energy Partners Announce Closing of Merger
GSE Solutions and Pelican Energy Partners have announced the successful closing of their merger, following overwhelming approval from GSE shareholders at a special meeting on October 29, 2024. Trading of GSE common stock was suspended after hours on October 31, 2024. The merger positions GSE, a leader in clean-energy engineering solutions, with Pelican, a specialized private equity firm focused on energy services. Broadridge Corporate Issuer Solutions will distribute the merger consideration to stockholders. The transaction represents a strategic move to strengthen GSE's position in the nuclear service industry, with both companies expressing optimism about future growth opportunities.
GSE Solutions e Pelican Energy Partners hanno annunciato la chiusura riuscita della loro fusione, dopo un'approvazione schiacciante da parte degli azionisti di GSE in un'assemblea straordinaria il 29 ottobre 2024. La negoziazione delle azioni comuni di GSE è stata sospesa dopo le ore il 31 ottobre 2024. La fusione posiziona GSE, leader nelle soluzioni ingegneristiche per l'energia pulita, insieme a Pelican, una società di private equity specializzata nei servizi energetici. Broadridge Corporate Issuer Solutions si occuperà di distribuire la considerazione della fusione agli azionisti. La transazione rappresenta una mossa strategica per rafforzare la posizione di GSE nell'industria dei servizi nucleari, con entrambe le aziende che esprimono ottimismo riguardo alle opportunità di crescita future.
GSE Solutions y Pelican Energy Partners han anunciado el cierre exitoso de su fusión, tras la abrumadora aprobación de los accionistas de GSE en una reunión especial el 29 de octubre de 2024. La negociación de las acciones comunes de GSE fue suspendida después del horario habitual el 31 de octubre de 2024. La fusión posiciona a GSE, líder en soluciones de ingeniería de energía limpia, junto a Pelican, una firma de capital privado especializada en servicios energéticos. Broadridge Corporate Issuer Solutions se encargará de distribuir la consideración de la fusión a los accionistas. La transacción representa un movimiento estratégico para fortalecer la posición de GSE en la industria de servicios nucleares, con ambas compañías expresando optimismo sobre las oportunidades de crecimiento futuro.
GSE Solutions와 Pelican Energy Partners가 2024년 10월 29일 특별 회의에서 GSE 주주들의 압도적인 승인을 받고 성공적으로 합병을 마쳤다고 발표했습니다. GSE의 보통주 거래는 2024년 10월 31일 거래 종료 후 중단되었습니다. 이번 합병은 청정 에너지 공학 솔루션의 선두주자인 GSE를 에너지 서비스에 초점을 맞춘 전문 사모펀드인 Pelican과 함께 자리매김합니다. Broadridge Corporate Issuer Solutions는 주주에게 합병 대가를 배분할 것입니다. 이번 거래는 GSE의 원자력 서비스 산업 내 입지를 강화하기 위한 전략적 움직임을 의미하며, 두 회사 모두 향후 성장 기회에 대한 낙관적인 입장을 보이고 있습니다.
GSE Solutions et Pelican Energy Partners ont annoncé la clôture réussie de leur fusion, suite à une approbation écrasante des actionnaires de GSE lors d'une assemblée extraordinaire le 29 octobre 2024. La négociation des actions ordinaires de GSE a été suspendue après les horaires de trading le 31 octobre 2024. La fusion positionne GSE, un leader dans les solutions d'ingénierie pour l'énergie propre, aux côtés de Pelican, une société de capital-investissement spécialisée dans les services énergétiques. Broadridge Corporate Issuer Solutions se chargera de distribuer la rémunération de la fusion aux actionnaires. La transaction représente un mouvement stratégique pour renforcer la position de GSE dans l'industrie des services nucléaires, les deux entreprises exprimant leur optimisme quant aux opportunités de croissance futures.
GSE Solutions und Pelican Energy Partners haben den erfolgreichen Abschluss ihrer Fusion bekannt gegeben, nachdem GSE-Aktionäre auf einer außerordentlichen Sitzung am 29. Oktober 2024 überwältigenden Zuspruch geleistet hatten. Der Handel mit GSE-Stammaktien wurde nach Börsenschluss am 31. Oktober 2024 ausgesetzt. Die Fusion positioniert GSE, einen führenden Anbieter von Lösungen im Bereich der sauberen Energietechnik, zusammen mit Pelican, einer spezialisierten Private-Equity-Gesellschaft, die sich auf Energiedienstleistungen konzentriert. Broadridge Corporate Issuer Solutions wird die Fusionsvergütung an die Aktionäre verteilen. Die Transaktion stellt einen strategischen Schritt dar, um GSEs Position in der Kernkraftdienstleistungsindustrie zu stärken, wobei beide Unternehmen Optimismus hinsichtlich zukünftiger Wachstumsmöglichkeiten zum Ausdruck bringen.
- Merger received overwhelming shareholder approval
- Strategic partnership with specialized energy-focused private equity firm
- Potential for enhanced growth in nuclear service industry
- Delisting of GSE common stock from public trading
- Loss of independent public company status
Insights
The merger between GSE Solutions and Pelican Energy Partners marks a significant corporate transaction that removes GSE from public trading. Shareholders will receive their merger consideration through Broadridge Corporate Issuer Solutions as the paying agent. The deal strengthens GSE's position in the nuclear service industry by partnering with a specialized private equity firm focused on energy services.
The transaction represents a strategic move for both parties: GSE gains access to Pelican's expertise and resources in the energy sector, while Pelican expands its portfolio with an established player in nuclear power solutions. For investors, this marks the end of GSE's public trading journey but potentially positions the company for stronger growth under private ownership.
The unanimous board approval and overwhelming shareholder support indicate confidence in the deal's terms and strategic rationale. While specific financial terms aren't disclosed in the announcement, the emphasis on "maximum value" for stockholders suggests a favorable exit price for existing shareholders.
Kathryn Gardner O'Connor, Chair of the Board of Directors of GSE, provided "We are glad to have delivered maximum value to GSE stockholders and, at the same time, leave the Company in good hands with Pelican Energy Partners who understands the long-term prospects for the nuclear power industry."
Sam Veselka, a Managing Director of Pelican, stated "Pelican is excited to partner with GSE's skilled engineers and management team to continue GSE 's comeback story. GSE has been a longtime leader in the nuclear service industry and we look forward to building on past and future successes."
Ravi Khanna, Chief Executive Officer and President, said, "We are excited for the next phase of GSE Solutions and excited for the opportunity to partner with an emerging industry leader in Pelican Energy Partners. Our management team and our employees are ecstatic for what lies ahead."
Robert W. Baird & Co. Incorporated served as exclusive financial advisor to GSE and Miles & Stockbridge P.C., Potter Anderson & Corroon LLP and Cole Schotz P.C. served as legal advisors to GSE in connection with the transaction. Ankura Capital Advisors provide a fairness opinion to the GSE Board of Directors with respect to the merger transaction.
Locke Lord LLP served as legal advisor to Pelican Energy Partners.
ABOUT GSE SOLUTIONS
Proven by more than 50 years of experience in the nuclear power industry, GSE knows what it takes to help customers deliver carbon-free electricity safely and reliably. Today, GSE Solutions leverages top talent, expertise, and technology to help energy facilities achieve next-level power plant performance. GSE's advanced Engineering offer highly specialized training, engineering design, program compliance, and simulation to that reduce risk and optimize plant operations. With more than 1,100 installations and hundreds of customers in over 50 countries, GSE delivers operational excellence. www.gses.com
ABOUT PELICAN ENERGY PARTNERS
Pelican Energy Partners is a
Media Contact
Sunny DeMattio
GSE Solutions
Director of Marketing & Communications
sunny.demattio@gses.com
Direct: +1 410.970.7931
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SOURCE GSE Systems, Inc.
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