McDermott, CB&I move forward with $6 billion merger
McDermott International and Chicago Bridge & Iron Co. (CB&I) made a step forward in becoming one company.
The two engineering specialists said on Thursday that the US Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to their proposed combination.
As previously reported by LNG World News, McDermott and CB&I have agreed to combine in an all-stock transaction to create “a premier fully vertically integrated onshore-offshore company” with an enterprise value of about $6 billion.
Upon completion, McDermott shareholders will own 53 percent of the combined company with CB&I shareholders owning 47 percent.
The combination remains subject to regulatory clearance in Russia, approval by McDermott’s and CB&I’s shareholders, completion of financing and other closing conditions, the duo said in the latest statement.