Dril-Quip, Inc. has successfully merged with Innovex Downhole Solutions, creating Innovex International, which will trade on the NYSE under the ticker symbol 'INVX'.

Information on the Target

Dril-Quip, Inc. (NYSE:DRQ) is a prominent developer and manufacturer of specialized equipment and services catered to the global offshore and onshore oil and gas sectors. On September 6, 2024, the company announced the successful completion of its merger with Innovex Downhole Solutions, Inc., a firm known for its innovative design and manufacturing of products that support upstream onshore and offshore activities. Following the merger, the newly formed entity will operate under the name Innovex International, Inc.

Innovex International is set to commence trading on the New York Stock Exchange (NYSE) on September 9, 2024, utilizing the ticker symbol 'INVX.' Consequently, Dril-Quip's stock will cease its trading under 'DRQ' as of the close of trading on September 6. This merger aims to create a robust company with a curated portfolio of technologies to enhance operational efficiency throughout the lifecycle of wells.

Industry Overview in the Target’s Specific Country

The oil and gas industry in the United States, where both Dril-Quip and Innovex are based, has historically played a critical role in the nation’s economy. It encompasses various activities from exploration and extraction to production and distr