Exterran Corp (NYSE:EXTN) is trading significantly higher Monday morning after the company said it would merge with Enerflex to create a premier integrated global provider of energy infrastructure.
Following the closing of the all-share transaction valued at approximately $735 million, the company will operate as Enerflex Ltd. The transaction will strengthen Enerflex’s ability to serve customers in key natural gas, water and energy transition markets, while enhancing shareholder value through sustainable improvements in profitability and cash flow generation.
"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," said Andrew Way, president and CEO of Exterran.
Exterran provides compression, production and processing products and services supporting production and transportation of oil and natural gas.
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EXTN Price Action: Exterran has traded as low as $2.67 and as high as $5.96 over a 52-week period.
The stock was up 48.6% at $4.45 at time of publication.
