Superior seals business negotiations with Complete
The two firms will now occupy a bigger market share in North America.
Merger and acquisition consultants may have been used by Superior Energy Services and Complete Production Services after a deal was agreed between the two oilfield firms.
The former will takeover the latter, with shareholders each getting 0.945 common shares of Superior and cash of $7 (£4.50) per unit of stock owned.
David Dunlap, president and chief executive officer of Superior - which was founded in 1989 by Terence Hall - noted the completion of sales negotiations has resulted in the creation of a "top-tier diversified oilfield services company".
"Together we will have enhanced positions in large sectors for key products and services that are high in usage intensity," he added.
Joe Winkler, chairman and chief executive officer of Complete, observed shareholders in his company are getting an excellent offer.
Mr Winkler continued by saying the agreement will offer them the chance to access international markets and build on its presence in North America.
Posted by David Gleck
Source: Superior Energy Services press release, October 10th