Patterson Energy

(PTEN) - Get Report

received antitrust approval to acquire

UTI Energy

(UTI) - Get Report

, and now the completion of the merger awaits the approval of shareholders from both companies.

Last month, Patterson and UTI

agreed to a stock-swap merger valued at $1.34 billion that will create a new company,

Patterson-UTI Energy

. Patterson will exchange one common share for each share of UTI.

Patterson is based in Snyder, Texas, and provides land-based drilling services to independent oil and natural gas companies. UTI Energy is headquartered in Houston and offers contract drilling and pressure pumping services.

Shares of Patterson lost 75 cents, or 2.3%, to $32.63 in recent

Nasdaq

trading, while UTI fell 49 cents, or 1.5%, to $32.31 on the

American Stock Exchange

.