Exterran Holdings Inc.’s (NYSE: EXH) board of directors has set a record date and a distribution date for the spin-off of its international services and global fabrication businesses into a stand-alone, publicly traded company named Exterran Corp. Exterran Corp. has applied to list its common stock on the New York Stock Exchange under the symbol “EXTN.”
Upon the completion of the spin-off, Exterran Holdings, which will continue to own and operate its contract operations and aftermarket services businesses in the US, will be renamed Archrock Inc. and will trade on the New York Stock Exchange under the symbol “AROC.” Exterran Partners LP, a publicly traded master limited partnership controlled and partially owned by Exterran Holdings, will be renamed Archrock Partners LP and will trade on the Nasdaq Global Select Market under the symbol “APLP.”
The two companies will be separated through the distribution of EXTN common stock to holders of Exterran Holdings common stock on a pro rata basis. Exterran Holdings shareholders will receive one share of EXTN common stock for every two shares of EXH common stock held at the close of business on the record date of Oct. 27. Subject to the satisfaction of the conditions to closing, the distribution is expected to occur on Nov. 3.
Following the distribution of EXTN common stock, Exterran Corporation and Archrock will be independent publicly traded companies, and Archrock will retain no equity interest in Exterran Corp.