C&J Energy Services, Keane Announce All-stock Merger Of Equal

(RTTNews) - C&J Energy Services (CJ) and Keane Group, Inc. (FRAC) have agreed to combine in an all-stock merger of equals. C&J shareholders will receive 1.6149 shares of Keane common stock for each share of C&J common stock owned. The companies target to achieve annualized run-rate cost synergies of $100 million within 12 months.

Following the deal, Patrick Murray, Chairman of the C&J Board will work as Chair of the combined company's Board, and Robert Drummond, CEO of Keane, will serve as President and CEO of the combined company. Jan Kees van Gaalen, CFO of C&J, will serve as Executive Vice President and Chief Financial Officer of the combined company.