Patterson-UTI Energy acquires USD262m MS Energy Services.
M2 EQUITYBITES-October 12, 2017-Patterson-UTI Energy acquires USD262m MS Energy Services
(C)2017 M2 COMMUNICATIONS http://www.m2.com
Contract drilling company Patterson-UTI Energy Inc (NASDAQ:PTEN) reported on Thursday the completion of the acquisition of Multi-Shot, LLC d/b/a MS Energy Services (MS Energy) for a purchase price of approximately USD262m.
Under the terms of the agreement, Patterson-UTI paid the total consideration in 8.8m shares of its stock and USD75m in cash to MS Energy.
According to CEO Andy Hendricks, Patterson-UTI would like to welcome the employees of MS Energy to the former's team. Adding that the employees' hard work and dedication combined with a strong technology focus has grown MS Energy into a leader in US onshore directional drilling services.
((Comments on this story may be sent to firstname.lastname@example.org))
|Printer friendly Cite/link Email Feedback|
|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 12, 2017|
|Previous Article:||Beacon Roofing prices USD1.3bn senior notes Offering related to its acquisition of Allied Building Products Corp.|
|Next Article:||Philogen granted IND approval by FDA for Phase 3 registration trial with investigational melanoma drug.|