Innovex Downhole Solutions, Inc. entered into a definitive agreement to acquire Dril-Quip, Inc. (NYSE:DRQ) in a reverse merger transaction on March 18, 2024. 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. Kendal Reed, current Chief Financial Officer of Innovex, will serve as Chief Financial Officer of the combined company.

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. The combined company will be headquartered in Houston, Texas.

The transaction has been approved by the boards of directors of both companies. The closing of the transaction is subject to customary closing conditions including regulatory approval and approval by Dril-Quip?s stockholders. The transaction is expected to close in Q3, 2024.

Goldman Sachs & Co. LLC and Piper Sandler Companies (NYSE:PIPR) acted as financial advisor to Innovex. Akin Gump Strauss Hauer & Feld LLP acted legal advisor to Innovex.

Paul Hastings LLP acted as legal advisor to Innovex. Morgan Stanley & Co. LLC and Citigroup Inc. acted as financial advisor to Dril-Quip.

Gibson, Dunn & Crutcher LLP acted as legal advisor to Dril-Quip.