FMC-Technip merger receives approval from US antitrust regulators
Subsea and oil and gas solutions provider FMC Technologies and the construction and engineering company Technip are moving forward with a company merger.
The pending merger transaction between the companies has received an early decision from the US antitrust regulators under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), concluding antitrust review of the transaction in the US under the Act.
FMC Technologies and Technip plan to combine to create a global solutions provider for the production and transformation of oil and gas.
The companies executed a Business Combination Agreement regarding their proposed merger earlier this June, and the conclusion of antitrust review in the US satisfies one of the closing conditions of the pending transaction.
It still remains subject to other closing conditions, including approval of Technip and FMC Technologies shareholders, the conclusion of antitrust review in other countries, other regulatory approvals and consents, as well as other customary closing conditions.
The transaction is expected to close early in 2017, subject to the satisfaction of these other closing conditions.