Dril-Quip Inc. and Innovex Downhole Solutions Inc.  have closed an-all-stock merger that unites the companies’ global onshore and offshore services, according to a Sept. 6 press release.

The combined company is expected generate more than $1 billion in annual revenue and $221 million in adjusted EBITDA, the companies said when the deal was announced in March.

The combined company is expected to derive approximately 56% of its revenue from the international and offshore markets and approximately 44% from the North American onshore markets in the U.S. and Canada, Dril-Quip said.

Dril-Quip is a publicly traded company with a market capitalization of about $530 million as of Sept. 6. Innovex is majority owned by funds affiliated with Amberjack Capital Partners.  Under the terms of the transaction, Dril-Quip stockholders will own approximately 52% and Innovex stockholders will own approximately 48% of the combined company on a fully diluted basis.

This combined company has assumed the Innovex International name and will begin trading on the New York Stock Exchange on Sept. 9 under the ticker symbol "INVX."

Dril-Quip's common stock ceased trading on the New York Stock Exchange under the ticker symbol "DRQ" as of the close of trading on Sept. 6.

"We're thrilled to complete the Innovex and Dril-Quip merger, creating a differentiated business with a curated portfolio of technologies that support our customers throughout the well's lifecycle. I'd like to thank the employees of our combined company for all they have done to bring us to this milestone. Leveraging our talent and ‘No Barriers' culture, we will deliver superior growth, cash flow and returns creating value for our employees and our shareholders," said Adam Anderson, CEO of Innovex International.

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