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Houston energy services cos. to combine, creating $1.8B company

Olivia Pulsinelli
Houston energy services cos. to combine, creating $1.8B company

Houston-based C&J Energy Services (NYSE: CJ) and Keane Group Inc. (NYSE: FRAC) announced June 17 they plan to combine, creating a diversified oil field services provider valued at approximately $1.8 billion, including $255 million of net debt. The all-stock deal is expected to close in the fourth quarter of 2019, and the combined company will be owned 50-50 by Keane and C&J shareholders, according to a press release. A new name and ticker symbol for the combined company will be announced before the deal closes.