December 19, 2019 / 12:50 PM / a month ago

Apergy to combine with Ecolab's upstream energy unit valued at $4.4 bln

Dec 19 (Reuters) - Oilfield equipment provider Apergy Corp will combine with Ecolab Inc’s upstream energy business to create a new firm, the companies said on Thursday.

The deal values Ecolab’s upstream business, ChampionX, at $4.4 billion, based on Apergy stock’s Wednesday close. Ecolab and Apergy shareholders will own about 62% and about 38% of the combined entity.

The new enity will be formed through a Reverse Morris Trust transaction, a tax-free deal in which one company merges with a spun-off unit. (Reporting by Shanti S Nair in Bengaluru)

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