Dril-Quip, Inc. and Innovex Downhole Solutions, Inc. (Innovex) announced a definitive agreement under which Dril-Quip and Innovex will merge in an all-stock transaction to create a unique energy industrial platform. Upon closing of the transaction, Dril-Quip stockholders will own approximately 52% and Innovex stockholders will own approximately 48% of the combined company on a fully diluted basis. Immediately following the completion of the transaction, the name of the combined company will change to Innovex International, Inc. Upon closing of the transaction, Innovex Chief Executive Officer Adam Anderson will become Chief Executive Officer of the combined company and will join its Board of Directors.

The remainder of the combined company?s leadership team is expected to include executives from both Dril-Quip and Innovex. Upon closing, the Board of Directors of the combined company will consist of nine directors, comprising four independent directors from the current Dril-Quip Board, four directors from the current Innovex Board, and Chief Executive Officer Adam Anderson, with John V. Lovoi, Dril-Quip?s current Chairman of the Board, serving as Chairman of the combined company?s Board.