C&J Energy Services (CJES) announced that it has entered into a definitive agreement to merge with Nabors' (NBR) completion and production businesses to create a diversified completion and production services provider. The transaction is expected to generate significant financial benefits and stockholder value, including being accretive to C&J Energy Services' cash EPS during the first full year of combined operations. The combined company will leverage identifiable cost and revenue synergies through the achievement of operational efficiencies and capex-savings. The expected annual run-rate synergies of the companies are more than $100M, and are expected to be fully realized by 2017. Nabors will receive total consideration of $2.86B, comprised of approximately 62.5M new C&J common shares and approximately $940M in cash, paid upon closing of the transaction. Following the closing of the transaction, Nabors will own approximately 53% of the outstanding new C&J common shares, with existing C&J stockholders owning approximately 47% of the combined company. The combined company will retain the C&J Energy Services name and existing C&J management team, with Josh Comstock serving as new C&J's CEO and Randy McMullen as president and CFO.