Technip, FMC Technologies merger set to complete in January 2017


The merger between Technip and FMC Technologies is set to be completed in less than a month.

The two oilfiled services companies said on Wednesday that the Chancery Division of the High Court of Justice of England and Wales approved the European cross-border merger between Technip and TechnipFMC and set the date of completion for January 16, 2017, after close of business.

This will mark the completion of the previously announced business combination between the U.S. oilfield equipment specialist FMC Technologies and the French oilfield services firm Technip, which will become one company named TechnipFMC.

Trading of the TechnipFMC shares is expected to begin on January 17, 2017, on Euronext Paris at 9:00 a.m. (Paris time) and on the NYSE at 9:30 a.m. (New York time).

The approval by the High Court of Justice is subject to the Business Combination Agreement not having been terminated by the parties, the approval by the AMF of the prospectus regarding the listing of the TechnipFMC shares on Euronext Paris and the TechnipFMC shares having been authorized for listing and trading on Euronext Paris.

The two firms first announced the intention to merge back in May, when they said the move would create “a global leader that will drive change by redefining the production and transformation of oil and gas.”

The combined company  will have an equity value of $13 billion (according to info from May 2016).

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