Superior Energy to Take Over Complete Productions

October 10 00:00 2011

New York, October 10 (RainbowNewsLine.com) – A US based oilfield services provider, Superior Energy is planning to buy Complete Production Services, a Houston-based oil and natural gas services company, in cash and stock. It will pay a 29 percent premium over the two-month average share price.

In a statement, the two companies, Superior Energy and complete production Services, said that investors in Complete will get 0.945 common share of Superior for every share held and $7 for each share of Complete. David Dunlap, the CEO of Superior will head the combined company and there will be two independent directors from Complete.

Superior’s financial advisor is Greenhill & Co. and Complete was advised by Credit Suisse Securities, whereas the advice and bridge financing for the cash portion of the deal was given by JPMorgan Chase & Co. It is expected that the deal will be completed by the end of this year. Thereafter, 52 percent of the shares of the company will be held by Superior shareholders and 48 percent will be held by Complete stockholders, according to the statement.

On Oct. 7, Superior shares went down 3.1 percent to $27.41 in New York trading whereas Complete shares went down 0.7 percent to $20.38.

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