Exterran to Combine with Enerflex Ltd

Jan 24, 2022 By MarketDepth

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Exterran Corporation (NYSE: EXTN) today announced a business combination with Enerflex Ltd. with the transaction expected to close in the second or third quarter of 2022.

Up Premarket

Shares of Exterran Corporation (NYSE: EXTN) gained over 61% in premarket trading following the announcement.

Global Energy Provider

While the Company will operate as Enerflex Ltd. and will remain headquartered in Calgary, Alberta, Canada, the combination will create a premier integrated global provider of energy infrastructure. “This is an exciting day in the history of our companies. The Transaction is immediately accretive to shareholders; enhances our presence, offerings, and scale across our regions; and importantly, executes upon our years-long strategic goal of increasing recurring revenues to improve the profitability and resiliency of our platform,” said Marc Rossiter, Enerflex’s President and Chief Executive Officer.

Applying to New US Exchange

Enerflex will continue to trade on the Toronto Stock Exchange and will apply to either the New York Stock Exchange or the NASDAQ exchange for the listing of Enerflex common shares to be effective once the transaction closes.

“We are excited about the ability to create shareholder value through this Transaction and improving our product and service offering. The scale and efficiencies this combination brings is the right path for Exterran and brings significant opportunities for accelerated growth in produced water treatment and energy transition products and services.”

Andrew Way, President and Chief Executive Officer of Exterran