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March 12, 2021

Oil services firm Expro to merge with Frank’s in all-stock deal

Oil and gas service company Expro Group has signed an all-stock deal with rival Frank’s International to merge and create a major full-cycle service provider.

By Umesh Ellichipuram

Oil and gas service company Expro Group has signed an all-stock deal with rival Frank’s International to merge and create a major full-cycle service provider.

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Under the agreement, Expro ’s shareholders will be entitled to 7.272 shares of Frank’s for each share held in Expro .

Upon completion of the merger, Expro ’s shareholders will have a 65% stake in the combined entity while Frank’s shareholders will own the remaining 35% interest.

The combined entity will retain the Expro name and is expected to generate more than $1bn of pro forma annual revenue. Frank’s brand name will be retained for well construction solutions.

Frank’s chairman, president, and CEO Mike Kearney said: “After undertaking a thorough process to consider a range of strategic alternatives, we are confident that this transaction presents a compelling opportunity for Frank’s shareholders to benefit from value creation led by returns-focused growth.

“The combination brings scale, improved profitability and free cash flow and, together, we will be better positioned for the industry recovery, of which we are in the early stages.”

The combined company will bring together two companies’ capabilities in well construction, flow management and intervention, as well as subsea well access, and production services.

The deal is expected to be completed in the quarter ending 30 September following shareholder and regulator approval.

Expro CEO Mike Jardon said: “This transaction unites two established industry players to create a leading service provider with an extensive portfolio of capabilities across the well lifecycle.

“This business combination also allows us to rationalise facilities and other support costs, optimise business processes, capitalise on profitable growth opportunities and create value for shareholders of both companies, particularly as the environment for international projects continues to improve.”

Based in the Netherlands, Frank’s offers a variety of tubular running services, tubular fabrication, and speciality well construction and intervention solutions.

Employing nearly 2,400 people, Frank’s has operations in around 40 countries.

UK-based Expro has expertise in well flow optimisation. It is engaged in providing solutions for well testing and appraisal, subsea, well completion and intervention, and production.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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