Superior Energy buying Complete in $2.7B deal

By the Associated Press | October 10, 2011 | 6:25 AM EDT

NEW ORLEANS (AP) — Superior Energy Services is buying Complete Production Services Inc. in a cash-and-stock deal valued at $2.7 billion that will broaden the reach of the oilfield services company.

The buyout equates to 0.945 common shares of Superior and $7 in cash for each share that Complete stockholders own.

Superior shareholders will own about 52 percent of Superior's outstanding stock and Complete stockholders will own the remaining 48 percent.

The acquisition will allow Superior to offer more products and services such as hydraulic fracturing and well servicing.

The combined company will keep the Superior name and be led by Superior President and CEO David Dunlap. The deal may close as soon as the end of the year.

Superior Energy Services Inc. is based in New Orleans and Complete is based in Houston.