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Frank's (FI) Agrees to Merge With Expro in an All-Stock Deal

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Zacks Equity Research
·3 min read
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Oilfield services provider Frank's International N.V. FI recently announced its decision to merge with Expro Group, a privately-held international energy service company based in the United Kingdom.

Per this all-stock transaction, nearly 65% of the combined entity will be held by Expro shareholders while the remaining 35% will be owned by Frank's shareholders.

Equipped with an extensive variety of complementary, specially designed equipment and facilities, the merged entity will offer customers an array of profitable, advanced solutions across the well lifecycle, leading to a stable, diverse revenue blend.

Further, the consolidated company will have a financially stable, debt-free balance sheet along with solid order backlog. Also, it will have the ability to generate more than $1 billion of pro forma annual revenues in addition to through-cycle free cash flow and growth.

Upon the closure of the transaction, Mike Kearney, the company chairman, president and CEO will be appointed as the chairman of the combined entity while Expro CEO Mike Jardon will be assigned as its CEO.

Per Mike Kearney, "Expro and Frank's share complementary cultures, values and competencies – all of which support a smooth integration for our customers and employees. After undertaking a thorough process to consider a range of strategic alternatives, we are confident that this transaction presents a compelling opportunity for Frank's shareholders to benefit from value creation led by returns-focused growth”.

Company Summary

Frank's is a provider of engineered tubular services to the oil and gas industry. Its tubular services include the handling and installation of multiple joints of pipe to establish a cased wellbore; and the installation of smaller diameter pipe inside a cased wellbore to provide a conduit for produced oil and gas to reach the surface. The company offers its services to upstream companies in both offshore and onshore set-ups, focusing primarily on complex and technically challenging wells.

Zacks Rank & Other Key Picks

Frank’s currently has a Zacks Rank #2 (Buy). Other top-ranked players in the energy space include Matador Resources Company MTDR, Diamondback Energy, Inc. FANG and Denbury Inc. DEN, each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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