U.S. regulator nods for Technip, FMC Technologies merger
Technip and FMC Technologies have announced that their pending merger transaction has received an early decision from the United States antitrust regulators.
The pair said on Monday that, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), antitrust review of the transaction in the U.S. under the HSR Act was concluded.
Technip and FMC Technologies informed in May 2016 that the pair will combine to create a global company that will drive change by redefining the production and transformation of oil and gas.
In June, the companies reported that they had executed a Business Combination Agreement regarding their proposed merger.
Conclusion of antitrust review in the United States under the HSR Act satisfies one of the closing conditions of the pending transaction, which remains subject to other closing conditions, including approval of Technip and FMC Technologies shareholders, the conclusion of antitrust review in other countries, other regulatory approvals and consents, as well as other customary closing conditions.
The transaction is expected to close early in 2017, subject to the satisfaction of these other closing conditions.