Shareholders of both US-based underwater tech firm FMC Technologies and French engineering house Technip have voted to approve the proposed business combination of the two companies, the firms announced today (5 December).
The merger was announced back in May, aiming to create a new US$13 billion business. The two have a joint venture, Forsys Subsea, which was established in 2015.
The proposed merger remains subject to certain regulatory approvals and consents, as well as other customary closing conditions. In accordance with English law, the completion date will be set by an order of the Chancery Division of the High Court of Justice expected to be issued on 21 December 2016. The transaction is expected to close in early 2017.
It has largely been smooth sailing for both FMC and Technip. Just a few days ago (on 2 December), the two firms received approval from Brazilian antitrust authorities to move forward with the merger. In late November, the two firms received clearance from the EU. Clearance decisions have previously been issued by antitrust authorities in the US, India, Turkey, Mexico and Russia.
Thierry Pilenko (pictured), current Technip Chairman and CEO, will serve as Executive Chairman of TechnipFMC, while Doug Pferdehirt, current president and COO of FMC Technologies, will serve as the CEO of the new company.
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FMC, Technip gain Brazilian antitrust clearance
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