Benzinga | Sep 15, 2021 05:01PM EDT

Frank's International Says Will Complete Merger With Expro On Oct. 1, 2021

Frank's International N.V. (NYSE:FI) (the "Company" or "Frank's") today announced the results of its Annual General Meeting and plans for closing of the pending Expro merger.



Highlights

* All proposals presented to shareholders were approved including the Expro merger proposal, which received over 90% support from voting shareholders.

* With all closing conditions now satisfied, the pending merger with Expro is scheduled to close on Friday, October 1, 2021.

* Frank's will complete a reverse stock split with a ratio of 6-for-1 in conjunction with the closing of the merger.

Michael Kearney, the Company's Chairman, President and Chief Executive Officer, said, "We are proud to announce the results of our shareholder vote last week which demonstrated significant shareholder support for the pending merger with Expro Group. The successful affirmative vote culminated Frank's strategic efforts over the past two years to gain scale, increase diversification and improve profitability. Going forward, we will be charting a strategic direction together as one organization. As Expro Board Chairman going forward, I know I speak for the entire new Expro Board in wishing Mike Jardon and his team every success as they begin executing the integration plans that we have developed over the last six months. We have an extremely experienced management at the new Expro that will build an even stronger combined organization.

Mike Jardon, Chief Executive Officer of Expro, commented, "The overwhelming approval of the transaction by Frank's shareholders is a significant step toward completing Expro's combination with Frank's and creating a new full-cycle energy services leader. Together, we will have enhanced scale, a broader geographic footprint, and an expanded portfolio of innovative solutions to support customers across the well lifecycle and drive sustainable growth and profitability. We appreciate our stakeholders' strong support and look forward to completing the pending transaction on October 1st so we can begin to unlock the incredible potential of our combined platform."