Brief: Klx Energy Services And Quintana Energy Services To Combine In An All-Stock Merger

KLX Energy Services Holdings

04/05/2020 04:56

May 3 (Reuters) - Klx Energy Services Holdings Inc  KLXE.O ,
Quintana Energy Services Inc  QES.N  :
    * KLX ENERGY SERVICES AND QUINTANA ENERGY SERVICES TO
COMBINE IN
AN ALL-STOCK MERGER, ESTABLISHING AN INDUSTRY-LEADING PROVIDER
OF ASSET-LIGHT OILFIELD SOLUTIONS ACROSS THE FULL WELL LIFECYCLE
INCLUDING DRILLING, COMPLETION AND PRODUCTION RELATED PRODUCTS
AND SERVICES
    * TRANSACTION ACCRETIVE TO FREE CASH FLOW PER SHARE WITHIN
12
MONTHS OF CLOSING
    * QES SHAREHOLDERS WILL RECEIVE 0.4844 SHARES OF KLXE COMMON
STOCK
FOR EACH SHARE OF QES
    * SEE SIGNIFICANT ANNUALIZED COST SYNERGIES OF AT LEAST $40
MILLION, ACHIEVABLE WITHIN TWELVE MONTHS
    * COMBINED COMPANY TO RETAIN KLXE NAME AND TICKER WHILE
CORPORATE
HEADQUARTERS WILL MOVE TO HOUSTON, TX
    * KLXE AND QES SHAREHOLDERS WILL, RESPECTIVELY, OWN ABOUT
59% AND
41% OF EQUITY OF COMBINED CO ON FULLY DILUTED BASIS
    * QES EXECUTIVE TEAM, INCLUDING PRESIDENT AND CEO CHRIS
BAKER, EVP
AND CFO KEEFER LEHNER WILL REMAIN IN THOSE ROLES WITH COMBINED
CO
    * GOLDMAN SACHS & CO. LLC SERVED AS EXCLUSIVE FINANCIAL
ADVISOR TO
KLXE
    * TUDOR, PICKERING, HOLT & CO. SERVED AS EXCLUSIVE FINANCIAL
ADVISOR TO QES

Source text for Eikon:  ID:nGNX382vLw 
Further company coverage:  KLXE.O   QES.N 

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