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Proposed Spin-off Transaction
6 Months Ended
Jun. 30, 2015
Proposed Spin-off Transaction  
Proposed Spin-off Transaction

 

2.  Proposed Spin-off Transaction

 

On November 17, 2014, we announced that our board of directors had authorized management to pursue a plan to separate our international contract operations, international aftermarket services and global fabrication businesses into an independent, publicly traded company. To effect the Spin-off, we intend to distribute on the distribution date, on a pro rata basis, all of the shares of Exterran Corporation common stock to our stockholders as of the record date. Our board of directors will set the record date and distribution date prior to the Spin-off. The Spin-off is subject to, among other things, market conditions, the receipt of an opinion of counsel as to the tax-free nature of the transaction, completion of a review by the SEC of a registration statement on Form 10 filed by Exterran Corporation, the execution of a separation and distribution agreement and related ancillary agreements and final approval of our board of directors. Upon completion of the Spin-off, we and Exterran Corporation will be independent, publicly traded companies with separate public ownership, boards of directors and management, and we will continue to own and operate the U.S. contract operations and U.S. aftermarket services businesses that we currently own. Upon the completion of the Spin-off, we will be renamed Archrock, Inc. and will trade on the New York Stock exchange under the symbol “AROC.” In addition, we will continue to hold interests in the Partnership, which include the sole general partner interest and certain limited partner interests, as well as all of the incentive distribution rights in the Partnership. Upon the completion of the Spin-off, the Partnership will be renamed Archrock Partners, L.P. and will trade on the Nasdaq Global Select Market under the symbol “APLP.” Although our current goal is to complete the Spin-off when market conditions allow, there are no assurances as to when the Spin-off will be completed, if at all, or if the Spin-off will be completed as currently contemplated.