Dril-Quip (DRQ) and Innovex to Combine
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Dril-Quip and Innovex to Combine Creating Unique Energy Industrial Platform
March 18, 2024 4:30 PM EDTComplementary combination creates an innovation leader with increased scale, a diverse product portfolio and geographic footprint with anticipated resilient earnings to drive value throughout industry cycles
All-stock transaction allows stockholders to participate in combined companys future value creation while providing a strong financial profile with a pro forma, year-end 2023 net cash position of $99 million
Combination immediately improves pro forma companys profitability and free cash flow generation including estimated cost synergies of approximately $30 million per year
Transaction is expected to be... More
