After 3-D Printer Jam, GE to Buy Similar Model

FRANKFURT—General Electric Co. said on Thursday it would pay $599 million for a 75% stake in Concept Laser GmbH, after its plan to acquire another German 3-D printing company fell through earlier this week.

GE also said it had increased its offer price for Sweden's Arcam AB, another company active in so-called additive-manufacturing technology, to 300 Swedish kronor a share, up from 285 kronor, valuing the company at about $700 million. GE, which announced its bid for Arcam in September, also lowered the minimum acceptance threshold to 75% from 90% and extended the acceptance period for the offer for a second time, to Nov. 10.

GE said it would not raise its Arcam bid further.

The announcements come a day after GE said its offer to buy Germany's SLM Solutions Group AG fell through, GE having failed to reach the 75% threshold for the deal to go forward. SLM is also active in 3-D printing.

Privately held Concept Laser has more than 200 employees and its customers are concentrated in the aerospace, medical and dental industries. The deal leaves open the possibility of GE taking full ownership of Concept Laser at a later date.

GE has invested roughly $1.5 billion in manufacturing and additive technologies at it global research center and is developing additive applications across businesses, it said. GE plans to "invest significantly" into Concept's Lichtenfels location, which will become a new German center for GE, the company said.

The U.S. industrial giant's offer for SLM, announced alongside its initial bid for Arcam, fell apart after a fund belonging to Elliott Management Corp. last week said it opposed the deal and held more than 20% of SLM, creating a significant stumbling block.

Elliott, founded by famed stock picker Paul Singer, has also taken a 10.14% stake in Arcam.

Write to Sarah Sloat at [e-mail] and Daniel Michaels at [e-mail]

(END) Dow Jones Newswires

October 27, 2016 04:25 ET (08:25 GMT)

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