NEW YORK (TheStreet) -- Dresser-Rand Group (DRC) shares are up 2.2% to $81.69 in pre-market trading on Monday after German technology company Siemens (SIEGY) agreed to purchase the oilfield equipment manufacturer for $7.6 billion.
Siemens will pay $83 per share, according to the terms of the deal, a premium of $3.09 from the stock's previous closing price.
In separate news today, Siemens also announced that it was selling its 50% stake in a household appliance joint venture to German multinational engineering and electronics company Robert Bosch GmbH for $3.85 billion, in a deal that is expected to close in the first half of next year.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
TheStreet Ratings team rates DRESSER-RAND GROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate DRESSER-RAND GROUP INC (DRC) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."