The deal, announced in February, was resisted by big Layne shareholders Cetus Capital and Nokomis Capital but ultimately won approval by holders of more than 90% of the stock.

All Layne shares have been exchanged for 0.27 Granite shares.

Outgoing Layne president and CEO Michael Caliel said the "compelling premium" offered by California-based Granite recognised the driller's turnaround of recent years. Shareholders now had an opportunity "to meaningfully participate in the growth of a combined entity with differentiated scale and resources".