Oilfield services provider Nabors Industries Ltd will merge its well maintenance business with C&J Energy Services Inc and receive $2.86 billion in cash and stock.After the deal, Nabors will own about 53 percent of the combined company, which will be listed on the New York Stock Exchange as C&J Energy Services Ltd, the companies said in separate statements on Wednesday.Nabors will get about $937 million in cash and some 62.5 million shares of the combined company, which will be managed by the current C&J Energy management team and run by C&J's current chief executive officer, Josh Comstock.Nabors's completion and production services business maintains oil wells throughout their life spans and also provides services to plug and abandon the wells.
C&J Energy Services, Inc. is a provider of hydraulic fracturing, coiled tubing, wireline and other complementary services with a focus on complex, technically demanding well completions. Shares of CJES traded higher by 3.7% or $1.17/share to $32.81. In the past year, the shares have traded as low as $18.90 and as high as $33.00. On average, 652469 shares of CJES exchange hands on a given day and today's volume is recorded at 346671.
Nabors Industries Ltd. (Nabors) is the land drilling contractor and land well-servicing and workover contractors in the United States and Canada. Shares of NBR traded higher by 1.87% or $0.5/share to $27.30. In the past year, the shares have traded as low as $14.50 and as high as $28.63. On average, 4434590 shares of NBR exchange hands on a given day and today's volume is recorded at 3951677.
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