McDermott – CB&I Deal Obtains US Regulatory Clearance

McDermott and CB&I said that the 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 announced on December 18, 2017, McDermott and CB&I have agreed to combine in an all-stock transaction to create a vertically integrated onshore-offshore company with an enterprise value of approximately $6 billion.

Under the terms of the proposed combination, upon completion, McDermott stockholders will own approximately 53 percent of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47 percent.

Following completion of the transaction, the combined company will be headquartered in the Houston area. David Dickson, current president and chief executive officer of McDermott, will be president and chief executive officer of the combined company.

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.

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