Merger of Hanover Compressor, Universal Compression approved; new company formed

By Lisa Kerner

Charlotte, N.C., Aug. 17 - The stockholders of both Hanover Compressor Co. and Universal Compression Holdings, Inc. approved a merger of the two companies at separate meetings held on Thursday. The transaction is slated to close on Monday, according to a company news release.

The new company is known as Exterran Holdings, Inc. Exterran's common stock will trade on the New York Stock Exchange under the symbol "EXH." Hanover and Universal will no longer be publicly traded.

Stockholders also approved the adoption of the Exterran 2007 Stock Incentive Plan and the Exterran Employee Stock Purchase Plan.

As previously reported, the Feb. 5 merger provides for each common share of Hanover to be converted into 0.325 of a share of common stock of Exterran and each common share of Universal to be converted into one share of common stock of Exterran.

Houston-based Hanover provides services for the oil and natural gas industry. Universal, also based in Houston, is a natural gas compression services company.

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