05:27 PM EDT, 03/18/2024 (MT Newswires) -- Dril-Quip ( DRQ ) said Monday it agreed to merge with Innovex Downhole Solutions in an all-stock transaction.

Dril-Quip ( DRQ ) investor will own 52% of the combined company, and Innovex will have 48%.

Dril-Quip ( DRQ ) said funds affiliated with Amberjack Capital Partners hold a majority stake in Innovex and will own about 43% of the combined company.

The merged company will be named Innovex International, and its shares will trade on the New York Stock Exchange under the symbol INVX, Dril-Quip ( DRQ ) said.

Dril-Quip ( DRQ ) expects to close the deal in Q3. subject to regulatory clearances and approval by its shareholders. The combined company will be based in Houston.

Innovex Chief Executive Officer Adam Anderson will become CEO of the combined company, and Innovex Chief Financial Officer Kendal Reed will be CFO of the new entity.

In 2023, Dril-Quip ( DRQ ) had estimated revenue of $478 million, and Innovex had $556 million.

Dril-Quip ( DRQ ) shares rose 5.6% in recent after-hours trading.

Price: 25.05, Change: +1.32, Percent Change: +5.56