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Royal Dutch Shell CEO Ben van Beurden with Shell Canada Country Chair Lorraine Mitchelmore. Image courtesy of Shell/Flickr.

Royal Dutch Shell said Tuesday that it has completed its $70 billion merger with UK-based BG Group.

The deal was first announced in April and called for BG shareholders to receive 383 pence in cash and 0.4454 Shell B shares per BG share, a 52 percent premium over the company’s closing price on April 7.

Shell also provided a mix and match facility that allowed BG shareholders to vary the portions of new shares to cash they received.

Shell said there will now be 1,523,804,425 new Shell shares in issue, with 218,728,308 being Shell A shares and 1,305,076,117 being Shell B shares.

The total number of Shell A shares and Shell B shares in issue will be 7,955,136,608.

Shell’s capital will now consist of 4,209,649,877 Shell A shares and 3,745,486,731 Shell B shares, each with equal voting rights.

Shell added that it holds no ordinary shares in treasury.

In an op-ed published by The Times, Shell CEO Ben van Beurden said the merger is expected to “provide a strong injection to our operating cashflow” despite tough market condition.

“Over time, I expect the fundamentals of energy supply and demand to reassert themselves and the strategic and economic benefits of the deal to fully deliver for shareholders. The deal reinvigorates Shell and will be a springboard for further transformation,” van Beurden wrote.

Several BG Group executives, including BG Group COO Sami Iskander, will stay on with the newly combined company.

Shell said in December that restructuring will be needed to achieve the merger’s expected benefits, including $3.5 billion in previously disclosed pre-tax synergies.

Shell expects to cut 2,800 globally across the combined companies as part of the restructuring plan.

Those cuts are in addition to the company’s previously announced plans to reduce its headcount and contractor positions by 7,500 globally.

The combination is expected to boost Shell’s proved oil and gas reserves by 25 percent and push its production up by 20 percent.