Nabors combines oil well maintenance unit with C&J Energy for $2.86 bln

June 25 Wed Jun 25, 2014 6:12pm EDT

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June 25 (Reuters) - Oilfield services provider Nabors Industries Ltd will merge its well maintenance business with C&J Energy Services Inc and receive $2.86 billion in cash and stock.

After the deal, Nabors will own about 53 percent of the combined company, which will be listed on the New York Stock Exchange as C&J Energy Services Ltd, the companies said in separate statements.

Nabors will get about $937 million in cash and some 62.5 million shares of the combined company, which will be managed by the current C&J Energy management team. (Reporting by Sayantani Ghosh in Bangalore; Editing by Savio D'Souza)

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