Dril-Quip to combine with Innovex

Dril-Quip and Innovex Downhole Solutions “announced a definitive agreement under which Dril-Quip and Innovex will merge in an all-stock transaction to create a unique energy industrial platform. Upon closing of the transaction, Dril-Quip stockholders will own approximately 52% and Innovex stockholders will own approximately 48% of the combined company on a fully diluted basis. The combined company is expected to derive approximately 56% of its revenue from the international and offshore markets and approximately 44% from the North American onshore markets and would have more than $1.0B in annual revenue and $221M in adjusted EBITDA, including synergies in FY23. The combined company will have a strong balance sheet with a pro forma, year-end 2023 net cash position of $99M.”