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Patterson-UTI Energy acquires USD262m MS Energy Services.

M2 EQUITYBITES-October 12, 2017-Patterson-UTI Energy acquires USD262m MS Energy Services

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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.

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Publication:M2 EquityBites (EQB)
Date:Oct 12, 2017
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