Source: Houston Chronicle
Stockholders voted to approve the $1.8 billion merger two Houston oil field service companies — creating a new company with projected annual revenues of $4 billion.
In a pair of simultaneous votes held on Tuesday, stockholders with both C&J Energy Services and the Keane Group approved the merger deal, creating a new company named NexTier Oilfield Solutions Inc.
Source: Houston Chronicle
NexTier’s stock will trade on the New York Stock Exchange under the ticker symbol NEX. Keane Group CEO Robert Drummond will serve as CEO of the merged company.
“Today’s approvals represent a key milestone in completing the transaction and clearly support our view that this merger of equals will provide many strategic and financial benefits, with our increased scale and density across services and geographies and a prominent presence in the most active U.S. basins,” Drummond said in a statement following the votes.
C&J Energy Services, which offers a suite of oil and gas production services, and Keane Group, which specializes in well completions will combine in what the companies described as a merger of equals. The deal would create a company with more than $4 billion in annual revenues.
The boards of both companies have approved the deal. C&J stockholders will receive about 1.6 shares of Keane stock for C&J share. C&J and Keane shareholders will each own half of the combined company.
