G.E. Power Systems announced that it has signed a definitive agreement to acquire PII Group Ltd., formerly Pipeline Integrity International from HgCapital.

Based in Newcastle, U.K., PII is the global leader in pipeline in-line inspections and integrity management services for the oil and gas industry. Financial terms of the deal were not disclosed.

PII uses in-line inspection tools to gather and assess data to determine the condition of a pipeline. This data is used to optimize pipeline utilization, maintenance and repair service.

GE Power Systems continues to expand its service presence in the oil and gas industry to offer fully integrated solutions focusing on customers' asset organization and technology needs, according to John Rice, president and CEO of GE Power Systems.

In 1998, HgCapital acquired PII from British Gas. PII expanded its position in the pipeline integrity business by making a number of strategic acquisitions. PII now operates in more than 45 countries worldwide with an annual revenue base of more than $170 million.