Franks International announced Thursday that it has merged with international energy services company, Expro Group.
The two companies announced March 11, that they would combine in an all-stock transaction with Expro shareholders owning approximately 65% of the combined entity and Frank's shareholders owning approximately 35%.
Frank's International, a global oil services company, and Expro, A United Kingdom based privately-held international energy services company, both have locations in Broussard.
According to a press release, the combined companies will maintain a significant presence in Lafayette following the transaction.
The combined company will reportedly have a debt-free balance sheet and more than $1 billion of pro forma annual revenue as well as an ability to generate through-cycle free cash flow and growth.
Expro CEO Mike Jardon said that the combination of Expro and Frank's will allow for the advancement of their commitment to a lower carbon future.
"This transaction unites two established industry players to create a leading service provider with an extensive portfolio of capabilities across the well lifecycle," said Jardon. "Together, Expro and Frank's will be better positioned to support our customers around the world and navigate industry cyclicality. This business combination also allows us to rationalize facilities and other support costs, optimize business processes, capitalize on profitable growth opportunities and create value for shareholders of both companies, particularly as the environment for international projects continues to improve."
The value of the deal was not disclosed.
To see a full release from the companies on the merger, click here.
Stay in touch with us anytime, anywhere.
To reach the newsroom or report a typo/correction, click HERE.
Sign up for newsletters emailed to your inbox. Select from these options: Breaking News, Evening News Headlines, Latest COVID-19 Headlines, Morning News Headlines, Special Offers