Dril-Quip to merge with Innovex in all-stock deal; Dril-Quip holders own ~52%

Innovex International, Inc.

Dril-Quip (DRQ) and Innovex sign definitive merger agreement; all-stock transaction.
Combined company renamed Innovex International; Dril-Quip holders own ~52%, Innovex ~48%.
Pro forma 2023 revenue >$1.0B, adjusted EBITDA $221M including ~$30M annual cost synergies.
Pro forma year-end 2023 net cash of $99M; transaction expected to close by Dec 18, 2024.
Post-closing: Adam Anderson becomes CEO, Kendal Reed CFO; board to have 9 members.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Innovex International, Inc. entered into Agreement and Plan of Merger with Dril-Quip, Inc., Ironman Merger Sub, Inc., DQ Merger Sub, LLC (effective 2024-03-18).

Action: entry
Agreement: merger
Counterparty: Dril-Quip, Inc., Ironman Merger Sub, Inc., DQ Merger Sub, LLC
Effective: 2024-03-18

Exact text from the filing

On March 18, 2024, Dril-Quip, Inc., a Delaware corporation (“ Parent ”), Ironman Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“ Merger Sub Inc. ”), and DQ Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of Parent (“ Merger Sub LLC ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with Innovex Downhole Solutions Inc., a Delaware corporation (the “ Company ”)

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Innovex International, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-070265

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