C&J Energy Services Inc. (NYSE: CJES) and Nabors Industries Ltd. NYSE: NBR) completed the merger of C&J with Nabors' completion and production services business, C&J said March 24.

The combined company was renamed C&J Energy Services Ltd., and it is led by the current C&J management team. Josh Comstock is CEO and chairman of the board. Randy McMullen is CFO and president. The office is based in Bermuda, and its common shares trade on the New York Stock Exchange under the ticker “CJES,” C&J said.

Nabors received about $688 million in cash as part of the transaction, and now owns about 53% of C&J Energy Services’ outstanding and issued common shares. Former C&J shareholders hold the rest.

The transaction was announced June 25, 2014. Nabors separated its completion and production services business in the U.S. and Canada from the rest of its operations and consolidated this business under C&J Energy Services. A Delaware subsidiary of C&J Energy Services merged into C&J, and C&J became a subsidiary of C&J Energy Services.

C&J’s common shares were converted into C&J Energy Services shares on a one-for-one basis, the company said. Nabors received about $1.4 billion at closing, consisting of about 62.5 million C&J Energy Services common shares and about $688 million in cash. Nabors will not sell any shares for 180 days, C&J added.

The transaction was financed through C&J Energy Services’ term loans and $600 million in new revolving credit facility borrowings. There was $90 million drawn under the facility, and there was a B term loan split into a $575 million B-1 loan maturing five years after closing and a $485 million B-2 loan maturing seven years after closing.

Citi and Tudor, Pickering, Holt & Co. were C&J’s financial advisers. Vinson & Elkins LLP was C&J’s legal adviser. Fried, Frank, Harris, Shriver & Jacobson LLP was C&J’s tax and debt financing counsel.

Goldman, Sachs & Co. and Lazard Ltd. were Nabors' financial advisers. Milbank, Tweed, Hadley & McCloy LLP was Nabors’ legal adviser and Deloitte Tax LLP was its tax adviser.