Universal Compression and Hanover Comp in merger; combined co worth 3.8 bln usd |
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Published
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Mon, 05 Feb 2007 12:48
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LONDON (AFX) - Hanover Compressor Company and Universal Compression Holdings announced that their boards have approved a stock-for-stock merger of equals and have signed a definitive merger agreement, to create a combined company that will have a market capitalization of approximately 3.8 bln usd.Under the terms of the merger agreement, Hanover stockholders will receive 0.325 shares of the new company for each share of Hanover they own, and Universal stockholders will receive 1 share of the new company for each share of Universal they own.It is anticipated that Hanover stockholders initially will own 53 pct and Universal stockholders 47 pct of the new company. The merger is expected to be tax free to stockholders of both companies.The companies said the merger will create a global leader in the natural gas compression services equipment industry, and they see annual pre-tax cost savings of approximately 50 mln usd.Hanover's Gordon Hall is to be chairman, and Universal's Stephen Snider president and chief executive officer of the new company, which will also have a new name.newsdesk@afxnews.comrwCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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