Sunday, March 18, 2018
McDermott International and CB&I received antitrust clearance in Russia for their proposed combination. With this clearance, McDermott and CB&I have received all the required competition authority approvals for the transaction.
As previously announced in December 2017, McDermott and CB&I agreed to combine in an all-stock transaction to create a premier vertically integrated onshore-offshore company with an enterprise value of approximately $6 billion.
Under the terms of the proposed combination, upon completion, it is estimated that 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 is expected to be completed in Q2 2018. It remains subject to approval by McDermott’s and CB&I’s shareholders, completion of financing and other closing conditions.