Sumitomo to buy oil and gas parts distributor Edgen

|About: Edgen Group (EDG)|By:, SA News Editor

Edgen Group (EDG) +56.4% premarket after Sumitomo (SSUMY.PK) agrees to buy the distributor of specialty products to the energy and infrastructure markets for $12/share, a 58% premium over Monday's close.

EDG has two commercial brands, Edgen Murray and Bourland & Leverich, and had total sales of $2.06B in 2012 with 660 employees and operations in more than 35 locations in 18 countries.

EDG launched an IPO in April 2012, pricing at $11, below its expected $14-$16 range, and has traded below $9 for most of the time since.