DNOW Inc. (NYSE: DNOW) and MRC Global Inc. (NYSE: MRC) have entered into a definitive agreement under which DNOW will acquire MRC Global in an all‑stock merger valued at approximately $1.5 billion, including MRC’s net debt .
Once complete, the combined company will operate under the DNOW name, with its headquarters maintained in Houston. It will span over 350 service and distribution locations across 20+ countries, serving the energy, industrial, gas utility, and downstream markets . Leadership will remain with DNOW’s CEO, David Cherechinsky, and MRC will have two representatives on the expanded, ten‑member board.
Under the terms of the deal, MRC shareholders will receive 0.9489 shares of DNOW for each MRC share, a package valued at $13.85 per share, reflecting a 6.8% premium over MRC’s previous closing price. Upon closing, DNOW shareholders will hold about 56.5% of the combined company, and MRC shareholders will hold 43.5%.
The transaction is expected to close in the fourth quarter of 2025, pending approval from both companies’ shareholders and completion of customary regulatory reviews . The deal is projected to generate roughly $70 million in annual cost synergies within three years and to be accretive to adjusted earnings per share in its first year .
This merger brings together two complementary firms in the energy and industrial distribution space, offering a broader geographic reach, a more diversified product line, and an efficient cost structure. By combining forces, the new DNOW aims to improve operational effectiveness and serve a wide range of industrial and energy customers more holistically.