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Germany-based Siemens AG agreed to buy oilfield equipment company Dresser-Rand for $7.6 billion in cash Monday.

Siemens will pay $83 per common share of Houston-based Dresser-Rand, $3.09 over the company’s closing price Friday.

Siemens will assume Dresser-Rand’s debt.

Dresser-Rand has annual revenues of $3 billion.

Siemens hopes the acquisition will bolster its presence in the U.S. shale and hydraulic fracturing sectors.

Dresser-Rand makes compressors, steam and gas turbines and engine compliments. It will continue to operate under its own brand name and its executive team will stay on board.

Siemens expects to close the deal by the summer of 2015.

Dresser-Rand has offices in Houston and Paris.

The company employs 8,100 people.

Lisa Davis, a member of Siemens’ managing board, said: “Our  aim is to become the leading rotating equipment and process system integrator for the oil and gas industry. Dresser-Rand has a strong presence in oil and gas, a reputation for technology leadership and innovation, and a talented and experienced leadership team.”