trending Market Intelligence /marketintelligence/en/news-insights/trending/Xd48NISehGwZXC7GksOCew2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Oilfield services provider Apergy signs deal to merge with Ecolab upstream unit

Case Study: A Utility Company Efficiently Sharpens Its Focus on the Credit Risk of New Customers

Energy Evolution Podcast

Energy Evolution Why solar energy could get even cheaper

Energy Evolution Podcast

US energy officials push innovation to meet evolving energy needs

Energy Evolution Podcast

Energy futurist sees major challenges for renewables in next 30 years

Oilfield services provider Apergy signs deal to merge with Ecolab upstream unit

Oilfield services provider Apergy Corp. will merge with the upstream energy business of specialty chemical company Ecolab Inc. subsidiary Nalco Champion LLC.

The combined entity is expected to have pro forma sales of roughly $3.5 billion for the year and adjusted EBITDA of about $615 million, according to a Dec. 19 news release. The deal values Nalco Champion's upstream business, which is being renamed ChampionX, at $4.4 billion.

Upon deal closing, Apergy will issue about 127 million shares to Ecolab shareholders and assume net debt of about $492 million.

In addition, ChampionX entered into a $537 million term loan facility, the proceeds of which will be used to pay about $492 million to Ecolab, according to the release.

The combined company will be led by Apergy President and CEO Sivasankaran Somasundaram, who be the president and CEO; Apergy CFO Jay Nutt, who will be CFO; and Deric Bryant, executive vice president and president of Ecolab's upstream energy business, who be COO. Ecolab will also designate two new directors to Apergy's board. Apergy Board Chair Daniel Rabun will be the chairman of the combined company.

The transaction is tax-free and expected to close by the end of the second quarter of 2020.

Centerview Partners LLC and Lazard served as financial advisers, while Weil Gotshal & Manges LLP served as legal counsel to Apergy. BofA Securities and Skadden Arps Slate Meagher & Flom LLP served as the financial adviser and legal counsel to Ecolab, respectively.