2023-06-15 06:24:34 ET
- Patterson-UTI Energy ( NASDAQ: PTEN ) and NexTier Oilfield Solutions ( NEX ) said Thursday they have agreed to a merger in an all-stock deal with an enterprise value of ~$5.4B.
- Under the deal terms, NexTier ( NEX ) shareholders will receive 0.752 Patterson-UTI ( PTEN ) share for each NexTier share owned.
- Patterson-UTI ( PTEN ) shareholders will own ~55% of the combined company, and NexTier ( NEX ) shareholders will own the rest.
- The merger creates a leading drilling and well completions business, with 172 super-spec drilling rigs and a wells completion business with deployed capacity of 45 active spreads and 3.3M hydraulic fracturing horsepower, the companies said.
For further details see:
Patterson-UTI Energy, NexTier to merge in all stock deal