Blackstone Inks Agreement To Acquire Dresser Utility Solutions; Financial Terms Undisclosed
Blackstone (NYSE: BX ) today announced that funds managed by Blackstone Energy Transition Partners ("Blackstone") have entered into a definitive agreement to acquire Dresser Utility Solutions ("Dresser"), a premier provider of mission-critical natural gas and water measurement, control and infrastructure equipment solutions, from First Reserve. This represents the first investment of the most recent vintage of Blackstone’s private equity energy transition vehicle.
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Blackstone announced that funds managed by Blackstone Energy Transition Partners have entered into a definitive agreement to acquire Dresser Utility Solutions from First Reserve.
This represents the first investment of the most recent vintage of Blackstone's private equity energy transition vehicle.
Founded in 1880 and headquartered in Houston, Texas, Dresser provides metering technology, digital instrumentation and software, pressure and flow control solutions, and infrastructure repair products for gas and water utilities and industrial customers.
With approximately 850 employees across its global manufacturing footprint, the company helps customers modernize aging utility infrastructure and improve asset reliability.
Terms of the transaction were not disclosed.
The transaction is subject to customary closing conditions.