McDermott, CB&I combination clears final antitrust hurdle

LNG engineering companies McDermott International and CB&I have received antitrust clearance in Russia for their $6 billion all share proposed combination.

With this clearance, McDermott and CB&I have received all the required competition authority approvals for the transaction, the two companies said.

As unveiled in December 2017, McDermott and CB&I agreed to combine in an all-stock transaction to create a vertically integrated onshore-offshore major.

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, the statement reads.