McDermott and CB&I have received antitrust clearance in Russia for their proposed combination.
With this clearance, McDermott and CB&I have received all the required competition authority approvals for the transaction.
As previously announced on December 18, 2017, McDermott and CB&I agreed to combine in an all-stock transaction to create a premier vertically integrated onshore-offshore company with an enterprise value of approximately $6 billion.
Under the terms of the proposed combination, upon completion, it is estimated that McDermott stockholders will own approximately 53 percent of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47 percent.
The combination is expected to be completed in the second quarter of 2018. It remains subject to approval by McDermott’s and CB&I’s shareholders, completion of financing and other closing conditions.