Enerflex Ltd. to acquire Exterran Corporation for US$735M
January 24, 2022
735.00 Million USD
On January 24, 2022, Exterran Corporation and Enerflex Ltd. jointly announced that they had entered into an agreement and plan of merger to create a premier integrated global provider of energy infrastructure. The transaction value for Exterran is approximately US$735 million.
The companies will combine in an all-share transaction, pursuant to which Enerflex will acquire all of the outstanding common stock of Exterran on the basis of 1.021 Enerflex common shares for each outstanding share of common stock of Exterran, resulting in approximately 124 million Enerflex common shares outstanding upon closing. The implied combined enterprise value of Enerflex and Exterran is approximately US$1.5 billion.
The transaction is expected to close in the second or third quarter of 2022, subject to applicable shareholder and stockholder approvals, regulatory approvals and other customary closing conditions, including those of the TSX and either the NYSE or NASDAQ, as applicable.
Exterran, headquartered in Houston, is a global systems and process company offering solutions in the oil, gas, water and power markets. Exterran is a leader in natural gas processing and treatment and compression products and services, providing critical midstream infrastructure solutions to customers throughout the world.
Enerflex, headquartered in Calgary, is a supplier for natural gas compression, oil and gas processing, refrigeration systems and power generation equipment, as well as related engineering and mechanical services.
McCarthy Tétrault LLP is acting as Canadian counsel to Exterran with a team led by Jessica Brown and Patrick M. Shea that includes Jason Gudofsky and Casey Halladay (Competition), Brett Anderson and Erica Hennessey (Tax), Deron Waldock (Pensions & Benefits), Ben Aberant (Employment), Kim Howard (Environmental), Jade Buchanan (Privacy) and Vincent Yip (Intellectual Property).