UPDATE 1-Keane Group to buy C&J Energy for $746 mln [Reuters]
KEANE GROUP INC (FRAC)
Last keane group inc earnings: 7/29 04:30 pm
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Source: Reuters
Keane Group to buy C&J Energy for $746 million (Reuters) - Oilfield services company Keane Group Inc said on Monday it will buy rival C&J Energy Services for $745.7 million in an all-stock deal, as it looks to scale up amid spending cuts by crude producers. C&J shareholders will get 1.6149 Keane shares for each share held and a dividend of $1 per share before the deal closes. The offer values C&J at $11.29 per share, according to Reuters’ calculation, a 5.3% premium to stock’s close on Friday. The deal is expected to add to cash flow immediately, the companies said in a statement, adding they expect annualized run-rate cost savings of $100 million within 12 months after closing. Upon closing, expected in the fourth quarter, shareholders of both companies will hold 50% each of the combined entity. C&J Chairman Patrick Murray will serve as the chairman and Keane’s Chief Executive Officer Robert Drummond will be the CEO of the new company, which will get its name prior to the deal closin
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