The Chatterjee Group and Rhône Group completed the acquisition of Lummus Technology from McDermott for $2.7bn.

The Chatterjee Group and Rhône Group, two private equity firms, completed the acquisition of Lummus Technology, a technology licensor of proprietary gas processing, refining, and petrochemical and coal gasification technologies, from McDermott, a Panamanian-domiciled multinational engineering, procurement, construction and installation company, for $2.7bn. The sale is a part of McDermott's recently announced Chapter11 bankruptcy plan. "The restructuring transaction, which has the full support from all of our funded creditors, including our unsecured bondholders, is further recognition of McDermott's fundamentally solid operating business and proven strategy. Our record backlog, the majority of which has been booked in the last two years, and high rate of new project awards demonstrates our customers' continued confidence in our business, the demand for our skills and our long-term opportunities ahead," David Dickson, McDermott President and Chief Executive Officer.