Consortium Led by Mason Capital Management to Acquire CB&I From McDermott
All Cash Equity Transaction Establishes CB&I as Strong Independent Company Positioned for Growth With No Funded Debt
CB&I is the world’s most technically advanced builder of storage facilitiesserving customers across the water and wastewater, upstream, downstream, petrochemical and industrial sectors. The Company delivers products and solutions for critical energy infrastructure projects, including complex low temperature and cryogenic storage systems for LNG, hydrogen, and ammonia.Established in 1889 and headquartered in
Following the close of the transaction, which is being funded with 100% equity, CB&I will have a debt free balance sheet, and has secured a new revolving credit facility that will enable it to better compete for and serve new and existing customers and projects. With substantial liquidity to expand operations, the Company will take advantage of strong current demand for infrastructure and energy projects.
Citi is acting as exclusive Financial Advisor to Mason and is Lead Left Arranger on the new revolving credit facility to support the transaction.
The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
About
About CB&I
CB&I is the world's leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
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For Mason:
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For McDermott & CB&I:
Global Media Relations
+1 281 588 5636
RReid@McDermott.com
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