By OGJ editors
HOUSTON, June 12 -- Cal Dive International Inc. and Horizon Offshore Inc. have signed a definitive merger agreement under which Cal Dive will acquire all of the outstanding shares of Horizon in a stock and cash deal valued at $650 million. The price includes $22 million of Horizon's net debt as of Mar. 31.
The combined company will operate a fleet of 23 diving support vessels, seven pipelay and pipebury barges, one dedicated pipebury barge, one multiservice vessel, one combination derrick-pipelay barge, and two derrick barges.
The boards of Cal Dive and Horizon unanimously approved the transaction. Closing of the deal, expected in the third quarter, is subject to regulatory approvals and other customary conditions, as well as Horizon stockholder approval.
Following the transaction, Quinn Hebert will continue to serve as president and chief executive officer of the combined company and the Cal Dive board will be expanded to include two Horizon directors for a total board of eight members.
The combined company will continue to be based in Houston.
