Shareholders of oilfield service companies C&J Energy Services Inc. and Keane Group Inc. on Oct. 22 approved all the necessary proposals needed for the previously announced all-stock merger of equals.
Under the deal, C&J shareholders would get 1.6149 Keane common shares for each share held, resulting in Keane and C&J shareholders each owning 50% of the combined company.
Approximately 83% of the outstanding shares of C&J's common stock and 90% of the outstanding shares of Keane's common stock voted in their respective special meetings, according to an Oct. 22 joint release. More than 99% of the votes cast in the C&J meeting favored adopting the merger agreement, while more than 99% of the votes cast in Keane's special meeting favored approving the issuance of the company's common stock to current C&J stockholders.
Following the merger's completion, the combined company will be called NexTier Oilfield Solutions Inc. Its shares will trade on the New York Stock Exchange under the ticker NEX.
The merger of equals is expected to close Oct. 31, subject to the satisfaction of other customary closing conditions.