Hanover Compressor and OEC Compression announce merger

Jul 17, 2000 02:00 AM

Hanover Compressor and OEC Compression announced that they have signed a definitive merger agreement under which Hanover will acquire the Dallas based gas compression rental, service and treating firm in an all-stock transaction.
Under the terms of the merger agreement, the OEC common stock will be valued at $ 1.00 per share on the closing date of the merger. The OEC shares being acquired will be exchanged for newly issued Hanover common shares equal to the average of the closing price for Hanover common shares for the 20-day period ending 2 days prior to the merger. The conversion ratio is subject to a Hanover share price floor and ceiling of $ 30.00 and $ 32.50, respectively.
The transaction is subject to approval by OEC's shareholders and required regulatory approvals. The transaction is expected to close before the end of the third quarter.
Hanover Compressor Company is a market leader in full service natural gas compression and a leading provider of service, financing, fabrication,and equipment for contract natural gas handling applications. Hanover provides this equipment on a rental, contract compression, maintenance and acquisition leaseback basis to natural gas production, processing and transportation companies that are increasingly seeking outsourcing solutions. Founded in 1990 and a public company since 1997, Hanover's customers include premier independent and major producers and distributors throughout the Western Hemisphere.

OEC Compression Corporation is a Dallas-based provider of the full range of gas compression services to the natural gas industry. OEC's compressor fleet currently exceeds 228,000 horsepower, providing compression services to independent production, transportation and processing companies in eight states.

Source: Business Wire
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