In line with this, Smith will acquire W-H Energy in exchange for a cash consideration of $56.10 and the issuance of 0.48 Smith common shares for each W-H Energy share outstanding.
The transaction is valued at $93.55 per W-H Energy share and results in a total transaction value of approximately $3.2 billion.
This strategic combination is expected to broaden Smith’s capabilities across key drilling and completion product and service offerings.
Doug Rock, CEO of Smith, said: I’m thrilled that Ken White, W-H Energy’s CEO, and W-H Energy’s board of directors and management team decided to merge with Smith. The combined companies should be significantly strengthened in both drilling and completion product and service offerings.
