Enerflex Ltd. acquires Exterran Corporation for US$735M
October 13, 2022
735.00 Million USD
On October 13, 2022, Exterran Corporation and Enerflex Ltd. merged 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.
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 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).