, the companies said. Ecolab and Apergy shareholders will own about 62% and about 38% of the combined entity respectively.Apergy President and chief executive officer Sivasankaran Somasundaram will head the combined company, which will be headquartered in The Woodlands, Texas, and will have operations in over 55 countries.
The combined company is expected to generate pro-forma revenue of about $3.5 billion and adjusted core earnings of about $615 million in 2019, the companies said. ChampionX consists of the drilling, completion, and energy production, chemistry sciences, and solutions operations currently part of Ecolab’s energy unit, while the downstream chemistry solutions business will be retained by Ecolab.
Centerview Partners LLC and Lazard served as financial advisers and Weil, Gotshal & Manges LLP was the legal counsel to Apergy, while BofA Securities served as exclusive financial adviser to Ecolab, with Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel.
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