General Electric Co. (NYSE: GE) announced on Wednesday it will buy shares of 3D printer maker, Arcam AB (STO: ARCM), from hedge funds Elliott Management and Polygon Investment Group.
GE agreed to purchasing Elliot and Polygon’s outstanding Acram shares at SEK 345 per share ($41.44). Previously, GE owned approximately 77 percent of the Swedish company. Upon completion of the deal on December 29, GE will raise its stake in the Acram to nearly 95 percent.
Arcam is the inventor of electron beam melting machines for metal-based additive manufacturing, and a producer of advanced metal powders with customers in the aerospace and orthopedic industries. GE purchased controlling shares of Arcam in a public cash offer to tender all shares in late 2016.
General Electric said it plans to to acquire all remaining shares of the 3D printing maker in a compulsory-buy out procedure and intends to request that the company delist its shares from the Nasdaq Stockholm exchange.
GE has long been one of the main proponents of industrial 3D printing, using it to make fuel nozzles for its new LEAP jet engine in what marked a big step in using the technology in mass production.
Shares of Arcam are up 11 percent.