King & Spalding advised Exterran Corporation (NYSE: EXTN) in its business combination with Enerflex Ltd. (TSX: EFX), a single source supplier of natural gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment.
The companies will combine in an all-share transaction pursuant to which Enerflex will acquire all of the outstanding common stock of Exterran on the basis of 1.021 Enerflex common shares for each outstanding share of common stock of Exterran, representing an implied combined enterprise value of approximately $1.5 billion.
Enerflex will continue to trade on the Toronto Stock Exchange and intends to apply to either the New York Stock Exchange or the NASDAQ exchange for the listing of Enerflex common shares to be effective upon Transaction close. The combined company will operate as Enerflex Ltd. and will be headquartered in Calgary, Alberta, Canada.
The transaction is expected to close in the second or third quarter of 2022.
A press release announcing the transaction can be found here.
The King & Spalding deal team included Keith Townsend, Robert Leclerc, Jake Downing, Brett Schroeder, George Hwang, and Philip Rizk, with valuable assistance from Salome Cisnal de Ugarte, Jeff Spigel, Brian Meiners, Alexis Early, Adam Harper, Craig Lee, Evan Palenschat, Rich Marooney, Craig Ledet, Karl Heisler, Julie Peng, Ed Hozlwanger, Emily Manns, Elizabeth Morgan, Hillyer Jennings, Hap Shashy, Andrew Todd, Meredith O’Leary, and Melanie Perez.