Dril-Quip (DRQ) has issued an announcement.
Dril-Quip, Inc. and Innovex Downhole Solutions Inc. have announced a merger agreement that will result in a combined entity named Innovex International, Inc., with existing Dril-Quip shareholders owning approximately 52% and Innovex shareholders owning about 48%. The merger will be executed in two steps, with Innovex merging into Dril-Quip’s subsidiaries, and the new company’s common stock will continue to be listed on the New York Stock Exchange. The deal includes provisions for stock and cash considerations, with a detailed structure for the exchange ratio based on the companies’ respective ownership percentages post-merger. The agreement has already secured approval from a significant majority of Innovex stockholders, and the merger is subject to standard closing conditions and regulatory approvals.
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