C&J Energy Services and Keane complete merger of equals, establishing NexTier Oilfield Solutions
NexTier Oilfield Solutions (NexTier) has announced the successful completion of the merger between C&J Energy Services and Keane, creating a new well completion and production services company. The combined company’s common stock will trade on the New York Stock Exchange under the ticker symbol “NEX” at the open of business on 31 October 2019.
The NexTier brand reflects the company’s mission to consistently outperform in service delivery and returns, enabling customers to win by safely unlocking affordable, reliable and plentiful sources of oil and natural gas. The NexTier brand also embodies the company’s key differentiators of safety, partnership, efficiency and innovation.
“Today marks an important milestone as we establish NexTier, an industry-leading US-land diversified oilfield services provider,” Robert Drummond, President and Chief Executive Officer of NexTier, said. “Through this landmark combination, we have united two quality platforms and talented workforces who share a common commitment to safety, efficient operations, partnership with top-tier customers, and technological innovation. We are well positioned to provide market leading service to our expanded customer base in the most active US basins, while continuing to invest in next-generation technologies that will enable the company to provide further differentiated products and services for customers. I am proud to lead our talented team as we begin our journey as NexTier.”
In accordance with the terms of the merger agreement, C&J shareholders will receive 1.6149 shares of Keane common stock for each share of C&J common stock owned in a tax-free share exchange. The merger agreement provides that Keane and C&J shareholders will, in the aggregate, each own approximately 50% of the equity of the combined company on a fully diluted basis.
Additional information regarding the exchange of C&J common stock for merger consideration was mailed to registered holders of C&J common stock. This mailing contains specific instructions regarding the payment of merger consideration.
Immediately following closing of the merger, C&J delivered written communication in accordance with the requirements of section 12(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to notify the New York Stock Exchange that as a result of the merger C&J intends to suspend trading in shares of its common stock, and to request that the New York Stock Exchange file a Form 25 with the Securities and Exchange Commission. The Form 25 starts the formal process by which C&J’s common stock will be delisted from the New York Stock Exchange and withdrawn from the reporting requirements under the Exchange Act. C&J has not arranged for listing or registration of its common stock on another national securities exchange. C&J previously traded under the ticker symbol “CJ” and Keane previously traded under the ticker symbol “FRAC”.
