Deal Details

GSE Is Acquired by Pelican

Technology & Services

GSE sale to Pelican

Summary

GSE Systems, Inc. ("GSE Solutions" or "GSE") (Nasdaq: GVP) announced that it has entered into a definitive merger agreement to be acquired by Pelican Energy Partners ("Pelican") in an all-cash transaction.

Under the terms of the merger agreement, which was unanimously approved by the board of the directors of GSE, Pelican will acquire all the outstanding shares of GSE for an estimated total cash consideration of $4.10 per share. The consideration per share represents a premium of approximately 50% to GSE's closing share price as of August 7, 2024. The transaction is subject to the approval of GSE shareholders, various regulatory approvals and customary closing conditions.

Baird served as exclusive financial advisor to GSE Solutions on this transaction.

About

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. GSE Solutions leverages top talent, expertise and technology to help energy facilities achieve next-level power plant performance. GSE's advanced Engineering and Workforce Solutions divisions offer highly specialized training, engineering design, program compliance, simulation and technical staffing 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. GSE is headquartered in Columbia, Maryland.

Pelican, founded in 2011, is an operationally focused Houston-based private equity firm specializing in strategic investments in small to middle-market, high-growth potential energy service and equipment companies. The firm makes investments in energy equipment and service companies in the oil and gas and nuclear sectors. Pelican is headquartered in Houston, Texas.

Technology & Services

GSE sale to Pelican