Keane, C&J Merge to Create No. 3 US Pressure Pumper

摘要

Oil-field services firms Keane and C&J Energy Services have agreed to merge in a deal that will create the third-largest pressure pumper in the US and potentially set off a wave of consolidation in a fragmented and oversupplied sector. The all-stock “merger of equals” will create a diversified oil-field services player with a pro forma enterprise value of about $1.8 billion, including $255 million of net debt. The combined company will have about 50 frack fleets, or roughly 2.3 million hydraulic horsepower of capacity.