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UK Hunting finalises takeover of US W L Doffing.

MANews-(C)2009-2011

5 September 2011 - UK energy services company Hunting (LON:HTG) said it had taken over US W L Doffing, a provider of high-precision machining services to the energy sector, for USD20.8m (EUR14.7m) on a cash- and debt-free basis.

Hunting will finance the deal from its cash balances.

In addition, the UK firm will provide up to USD2m in milestones depending on the performance of W L Doffing in a two-year period. W L Doffing has been owned by a group of investors, including two of its senior managers, so far.

W L Doffing will strengthen the product range of the buyer via its well construction and well completion segments.

The deal is expected to have a positive effect on Hunting's earnings in the first full year upon completion.Country: , USASector: Petroleum/Natural Gas/Coal, Machinery/EngineeringTarget: W L Doffing LPBuyer: Hunting PLCDeal size in USD: 22.8mType: Corporate acquisitionFinancing: CashStatus: ClosedComment: Deal size includes earn-out payments of up to USD2m.

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Publication:M & A Navigator
Date:Sep 5, 2011
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