SUBSEQUENT EVENTS	7 Months Ended
Dec. 31, 2015
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS In November 2015, Team and Furmanite entered into the Merger Agreement under which we would acquire all the outstanding shares of Furmanite in a stock transaction. Under the terms of the Merger Agreement, Furmanite shareholders will receive 0.215 shares of Team common stock for each share of Furmanite common stock they own. Furmanite stock options and restricted shares, restricted and performance stock units were estimated based on the terms of the merger agreement. The merger was completed on February 29, 2016 at a value of approximately $282.0 million which included the assumption of $69.0 million in debt. We expect the transaction to contribute approximately $400 million in annual revenue. The combined company will comprise more than 8,300 employees and 220 locations in 22 countries. The combination will approximately double the size of Team’s mechanical services capabilities and establish a deeper, broader talent and resource pool that better supports customers across standard and specialty mechanical services. In addition, the capability and capacity of the combined entity will offer an enhanced single-point of accountability and flexibility in addressing some of the most critical needs of clients; whether as individual services or as part of an integrated specialty industrial services solution. Team expects to realize certain cost synergies within a two year period of closing primarily associated with the elimination of duplicative public company costs and back office support functions. The accounting for our merger with Furmanite has not been completed because we have not finalized the valuation of acquired tangible and intangible assets, as well as related tax impacts. In the seven months ended December 31, 2015, we recognized $3.0 million of acquisition costs related to the Furmanite merger, which were included in selling, general and administrative expenses in the consolidated statement of income. Additional funds from the increased New Credit Facility (See Note 10) will be utilized to settle Furmanite debt.

20. SUBSEQUENT EVENTS

In November 2015, Team and Furmanite entered into the Merger Agreement under which we would acquire all the outstanding shares of Furmanite in a stock transaction. Under the terms of the Merger Agreement, Furmanite shareholders will receive 0.215 shares of Team common stock for each share of Furmanite common stock they own. Furmanite stock options and restricted shares, restricted and performance stock units were estimated based on the terms of the merger agreement. The merger was completed on February 29, 2016 at a value of approximately $282.0 million which included the assumption of $69.0 million in debt. We expect the transaction to contribute approximately $400 million in annual revenue. The combined company will comprise more than 8,300 employees and 220 locations in 22 countries. The combination will approximately double the size of Team’s mechanical services capabilities and establish a deeper, broader talent and resource pool that better supports customers across standard and specialty mechanical services. In addition, the capability and capacity of the combined entity will offer an enhanced single-point of accountability and flexibility in addressing some of the most critical needs of clients; whether as individual services or as part of an integrated specialty industrial services solution. Team expects to realize certain cost synergies within a two year period of closing primarily associated with the elimination of duplicative public company costs and back office support functions.

The accounting for our merger with Furmanite has not been completed because we have not finalized the valuation of acquired tangible and intangible assets, as well as related tax impacts.

In the seven months ended December 31, 2015, we recognized $3.0 million of acquisition costs related to the Furmanite merger, which were included in selling, general and administrative expenses in the consolidated statement of income.

Additional funds from the increased New Credit Facility (See Note 10) will be utilized to settle Furmanite debt.