InsideArbitrage Event Driven Monitor – June 16, 2023

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Merger Arbitrage

1. NEX: The merger of equals between NexTier Oilfield Solutions Inc. (NEX) and Patterson-UTI Energy, Inc. (PTEN), with an enterprise value of approximately $5.4 billion. Under the terms of the all stock deal, NexTier shareholders will receive 0.7520 shares of Patterson-UTI common stock for each share of NexTier common stock owned.
2. DCP: Phillips 66 (PSX) completes the acquisition of DCP Midstream.
3. CVT: Blackstone completes the acquisition of Cvent Holding Corp.

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