McDermott and CB&I merger to proceed ahead of schedule
Published by Will Owen,
Editor
LNG Industry,
McDermott International, Inc. have announced that the Federal Trade Commission (FTC) has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to their proposed combination.
As previously announced on 18 December 2017, McDermott and CB&I have agreed to combine in an all-stock transaction to create a premier fully vertically integrated onshore-offshore company with an enterprise value of approximately US$6 billion.
Under the terms of the proposed combination, upon completion, McDermott stockholders will own approximately 53% of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47%.
The combination remains subject to regulatory clearance in Russia, approval by McDermott's and CB&I's shareholders, completion of financing and other closing conditions.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/25012018/mcdermott-and-cbi-merger-to-proceed-ahead-of-schedule/
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