Team, Inc. today announced the successful completion of its merger with Furmanite Corporation, (“Furmanite”). With the closing of the merger transaction, each issued and outstanding share of Furmanite common stock has been converted into the right to receive 0.215 shares of Team common stock, with cash paid in lieu of fractional shares. Under the terms of the merger agreement, Furmanite merged with and became a wholly owned subsidiary of Team.
As a result of the merger transaction, Team issued approximately 8.3 million shares of its common stock.
With the completion of this merger, Team fortifies its foundation as a premier NDT inspection and specialty mechanical services company with a strong presence in North America, with more than 8,300 employees and 220 locations in 22 countries. The merger approximately doubles the size of Team’s mechanical services capabilities and establishes a deeper, broader talent and resource pool that better supports customers across standard and specialty mechanical services. In addition, the capability and capacity of the combined entity will offer an enhanced single-point of accountability and flexibility in addressing some of the most critical integrity and reliability management needs of clients; whether as individual services or as part of an integrated specialty industrial services solution. Team’s acquisition of QualSpec in July 2015 provided a similarly material complement to Team’s inspection and heat treating resources capacity and service delivery model.
Ted W. Owen, Team’s President and Chief Executive Officer, said, “Finalizing the merger of Team and Furmanite is great news for our employees and customers. Team and Furmanite both have long-term, successful histories and together, are expected to have an even brighter future. We are excited to be able to move forward today as a unified company and to begin working towards our strategy for the future. We expect the combination of Team and Furmanite to drive sustainable, long-term growth and value for stockholders that is greater than either company could achieve on their own.”
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