Quick Take
Nine Energy Service (NINE) announced it has agreed to acquire Magnum Oil Tools International for $493 million.
Magnum Oil Tools operates as an oil & gas downhole technology provider.
NINE is acquiring technologies that will diversify its offerings while reducing labor requirements in a tight and expensive labor environment.
Target Company
Corpus Christi, Texas-based Magnum Oil Tools was founded in 1985 to offer downhole completion products, including dissolvable and composite frac plugs and a number of other patented consumables.
Management is headed by President and CEO Lynn Frazier, who was