DNOW to acquire MRC Global in $1.5B all-stock merger; expects $70M annual cost synergies

DNOW Inc.

MRC shareholders receive 0.9489 DNOW shares per MRC share; 8.5% premium to MRC's 30-day VWAP of $12.77.
Transaction valued at approximately $1.5B, including MRC Global's net debt.
Expected to realize $70 million of annual cost synergies within three years of closing.
Combined company will have over 350 service and distribution locations across more than 20 countries.
DNOW secured $250M committed incremental debt financing on existing ABL facility, raising total to $750M.

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