NEW ORLEANS ( TheStreet) -- Superior Energy Services ( SPN), the oilfield services company, agreed to buy peer Complete Production Services ( CPX) in a cash-and-stock deal valued at $2.7 billion.

Under terms of the agreement, Complete Production shareholders will receive 0.945 a Superior common share and $7 in cash a share, or $32.90 a share. The price is a 61% premium to Complete Production's closing price on Friday.

Once the deal closes, Superior shareholders will own 52% of the combined company, while Complete Production shareholders will own 48%.

"The combination of Superior and Complete creates a top-tier diversified oilfield services company with the products, technologies and talented people that are critical to helping our customers create value, particularly in unconventional fields in North America," said David Dunlap, Superior's president and CEO, in a statement Monday.

Dunlap will lead the combined company.

The companies said they anticipate the transaction could close as soon as the end of 2011.

-- Written by Joseph Woelfel

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