DNOW announced Thursday that it has completed its acquisition of fellow Houston distributor MRC Global.
The companies originally announced the proposed combination, valued at about $1.5 billion, in late June. Under the deal, each share of MRC common stock can be converted into 0.9489 shares of DNOW common stock.
“This is a transformative milestone for our company, shareholders, customers and team members,” DNOW President and CEO David Cherechinsky said in a statement. “The new DNOW brings together unparalleled access to industry leading energy, gas utility and industrial products, service and solutions from both companies to serve a broader and more diversified mix of customers.”
The transaction was completed one day after the companies reported their earnings for the third quarter. DNOW’s Q3 sales and earnings were up year-over-year, while MRC posted a loss amid “significant challenges” in the implementation of a new ERP system.
DNOW ranked at no. 13 on ID’s latest Big 50 list with $2.37 billion in 2024 revenue; MRC came in at no. 11 with $3 billion in sales. The companies announced the full senior leadership team of the combined business last month.
