Superior Energy buying Complete in $2.7B deal

AP News
Posted: Oct 10, 2011 6:44 AM
Superior Energy buying Complete in $2.7B deal

Superior Energy Services will buy Complete Production Services Inc. in a cash-and-stock deal valued at $2.7 billion, the company said Monday, giving it a broader reach in the oilfield services sector.

The buyout equates to 0.945 common shares of Superior and $7 in cash for each share that Complete stockholders own.

Superior shareholders will own about 52 percent of Superior's outstanding stock and Complete stockholders will own the remaining 48 percent.

The acquisition will allow Superior to offer more products and services such as hydraulic fracturing and well servicing.

"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," Superior President and CEO David Dunlap said in a statement on Monday.

The combined company will keep the Superior name and be led by Dunlap. The new board will add two independent members from Complete.

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Superior expects the acquisition to add to its 2012 earnings per share, excluding transaction and integration costs.

The deal was unanimously approved by both companies' boards, but still needs approval from Superior and Complete shareholders. The acquisition may close as soon as the end of the year.

Superior Energy Services Inc. is based in New Orleans and Complete is based in Houston.