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Feb. 7, 2012 /PRNewswire/ -- Superior Energy Services, Inc. (NYSE: SPN) today announced that it has closed its previously announced acquisition of Complete Production Services, Inc. Under the terms of the agreement and plan of merger, each outstanding share of Complete common stock has been converted into the right to receive
$7.00 in cash and 0.945 of a share of SPN common stock, with cash to be paid in lieu of fractional shares. Superior issued approximately 74.8 million shares related to this transaction and paid approximately
$554 million in cash. As of today, former stockholders of Complete hold approximately 48% of the combined company's outstanding common stock.
David Dunlap, President and Chief Executive Officer of Superior, said, "I want to personally welcome the Complete employees to our team. I am excited about the opportunity to work with an additional dedicated and focused workforce of approximately 7,400 strong, and I welcome the energy, efforts and ideas of all employees as we build upon our collective strengths and opportunities brought about by this combination.
"This transaction provides us more access to U.S. land markets sooner than we could have accomplished on a stand-alone basis, while providing important completion and intervention services that we did not offer our customers. The combination will also assist us in accelerating our international expansion efforts as excess cash flows from
North America can be deployed abroad to meet our growing international opportunity set."
Joe Winkler, former Chairman and Chief Executive Officer of Complete, said, "We are very proud of the contributions our employees made to build Complete into a leading provider of completion services in
North America and we would like to thank them for their efforts and dedication through the years. We are also excited about the potential of the combined company to better serve customers, provide additional avenues for growth and create further opportunities for our people to advance."
Superior, which has corporate administrative offices and functions in
New Orleans and
Houston, will designate
Houston as its corporate headquarters. Superior's
New Orleans location will continue to house certain corporate and administrative functions.
Redemption of Complete's 8% Senior Notes
In connection with the closing, Superior has satisfied and discharged all of Complete's 8% senior notes due 2016. In accordance with the indenture covering these notes, all of the notes will be redeemed on March 8, 2012.