Edition:
United States

Keane And C&J Energy Services To Merge


Monday, 17 Jun 2019 06:30am EDT 

June 17 (Reuters) - C&J Energy Services Inc ::KEANE AND C&J ENERGY SERVICES TO COMBINE IN MERGER OF EQUALS, ESTABLISHING AN INDUSTRY-LEADING, DIVERSIFIED OILFIELD SERVICES PROVIDER.C&J ENERGY SERVICES INC - DEAL FOR PRO-FORMA ENTERPRISE VALUE OF APPROXIMATELY $1.8 BILLION.C&J ENERGY SERVICES INC - C&J SHAREHOLDERS WILL RECEIVE 1.6149 SHARES OF KEANE COMMON STOCK FOR EACH SHARE OF C&J COMMON STOCK OWNED..C&J ENERGY SERVICES INC - MERGER AGREEMENT PERMITS C&J TO PAY ITS SHAREHOLDERS A CASH DIVIDEND OF $1.00 PER SHARE PRIOR TO CLOSING.C&J ENERGY SERVICES INC - COMBINED COMPANY TO REBRAND WITH NEW NAME AND TICKER SYMBOL.C&J ENERGY SERVICES INC - CO, KEANE SHAREHOLDERS WILL, IN AGGREGATE, EACH OWN 50% OF EQUITY OF COMBINED COMPANY.C&J ENERGY SERVICES INC - TWO COMPANIES ANTICIPATE TO ACHIEVE ANNUALIZED RUN-RATE COST SYNERGIES OF $100 MILLION WITHIN 12 MONTHS AFTER CLOSING.C&J ENERGY SERVICES INC - UPON CLOSE, PATRICK MURRAY, CHAIRMAN OF C&J BOARD OF DIRECTORS WILL SERVE AS CHAIR OF COMBINED COMPANY'S BOARD.C&J ENERGY SERVICES INC - COMBINED CO'S BOARD WILL COMPRISE 12 DIRECTORS, SIX OF WHOM WILL BE FROM C&J BOARD.C&J ENERGY SERVICES INC - COMBINED CO'S CORPORATE NAME AND TICKER WILL BE ANNOUNCED PRIOR TO CLOSE OF DEAL..C&J ENERGY SERVICES INC - COMBINED CO'S CORPORATE HEADQUARTERS WILL REMAIN IN HOUSTON, TEXAS..C&J ENERGY SERVICES INC - UPON CLOSE, ROBERT DRUMMOND, CEO OF KEANE, WILL SERVE AS PRESIDENT AND CEO OF COMBINED CO.