The combined company, headquartered in Houston, will be called Innovex International and its common stock is expected to trade on the New York Stock Exchange under a new ticker symbol, INVX. (Source: Shutterstock)
Proxy advisory firm Institutional Shareholder Services (ISS) recommends Dril-Quip stockholders vote for its proposed merger with Innovex Downhole Solutions, according to an Aug. 19 press release.
Under the terms of the transaction, Dril-Quip stockholders will own approximately 52% and Innovex stockholders will own approximately 48% of the combined company on a fully diluted basis.
ISS confirmed that the merger, announced March 18, will help expand Dril-Quip’s onshore operations and increase its scale, the release said.
The transaction will boost the combined companies’ wellbore product suite, providing “an entire onshore and/or offshore wellbore offering without the need to source specific components from third parties,” ISS said.
The combined company, headquartered in Houston, will be called Innovex International and its common stock is expected to trade on the New York Stock Exchange under a new ticker symbol, INVX.
ISS also notes that the transaction is expected to deliver financial benefits, including nearly $30 million in annual cost savings and additional revenue synergies.
Dril-Quip stockholders will meet to vote on the merger at 9:30 a.m. CT Sept. 5.