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McDermott and CB&I make progress in their combination

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Hydrocarbon Engineering,

McDermott International Inc. and CB&I have received antitrust clearance in Russia for their proposed combination. With this clearance, the companies have received all the required competition authority approvals for the transaction.

As announced on 18 December 2017, McDermott and CB&I agreed to combine in an all-stock transaction to create a premier vertically integrated onshore-offshore company with an enterprise value of approximately US$6 billion. Under the terms of the proposed combination, upon completion, it is estimated that McDermott stockholders will own approximately 53% of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47%.

The combination is expected to be completed in 2Q18. It remains subject to approval by McDermott’s and CB&I’s shareholders, completion of financing and other closing conditions.

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Downstream news CB&I news