McDermott Wraps Up CB&I Deal
- Business & Finance
McDermott has completed its combination with Chicago Bridge & Iron (CB&I), creating a fully integrated provider of technology, engineering and construction solutions for the energy industry.
“This is an exciting day for McDermott,” said David Dickson, president and CEO of McDermott. “The combination of McDermott and CB&I brings together a global upstream and subsea engineering, procurement and construction company with an established downstream provider of industry-leading petrochemical, refining, power, gasification and gas processing technologies and solutions—creating a company that spans the entire value chain from concept to commissioning. Together, we have the integrated technology, engineering expertise, construction experience and global reach to design and build the energy infrastructure of the future.
“We are confident that the execution of our ‘One McDermott Way’ strategy will allow us to drive value for our stockholders and meet the continuously evolving needs of our customers.”
In accordance with the terms of the business combination agreement, and as a result of the approval by McDermott stockholders of the 3-to-1 reverse stock split resolution, CB&I shareholders will receive 0.82407 shares of McDermott common stock for each share of CB&I common stock tendered in the exchange offer.
As a result of the combination, CB&I common stock will no longer be listed on the New York Stock Exchange and will cease trading prior to the open of the market on May 11, 2018.
As previously announced, David Dickson is President and CEO of McDermott and Gary P. Luquette will continue as non-executive chairman of the board of directors.