DNOW Inc. and MRC Global Inc. announced on June 26, 2025, a definitive merger agreement under which DNOW will acquire MRC Global in an all-stock transaction valued at approximately $1.5 billion, inclusive of MRC Global’s net debt. This combination aims to create a premier energy and industrial solutions provider with an expanded footprint of over 350 service and distribution locations across more than 20 countries.
Under the terms of the agreement, MRC Global shareholders will receive 0.9489 shares of DNOW common stock for each share of MRC Global common stock. This exchange ratio represents an 8.5% premium to MRC Global’s 30-day volume weighted average price of $12.77 as of June 25, 2025. Upon completion, DNOW and MRC Global shareholders will own approximately 56.5% and 43.5% of the combined company, respectively.
The merger is expected to yield significant strategic, operational, and financial benefits, including approximately $70 million of annual cost synergies within three years of closing. The transaction is anticipated to be meaningfully accretive to Adjusted Earnings Per Share in the first year following closing. The combined company will be named DNOW, headquartered in Houston, Texas, and is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approvals.
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