Brief: Nextier Oilfield Solutions Inc Says Merger Is Expected To Close In Q4 Of 2023

Nextier Oilfield Solutions

15/06/2023 11:19

June 15 (Reuters) - Nextier Oilfield Solutions Inc
 NEX.N :
    * NEXTIER OILFIELD SOLUTIONS INC - DEAL EXPECTED TO BE
ACCRETIVE
TO EARNINGS PER SHARE AND FREE CASH FLOW PER SHARE IN 2024
    * PATTERSON-UTI ENERGY AND NEXTIER OILFIELD SOLUTIONS TO
COMBINE
IN MERGER OF EQUALS, CREATING INDUSTRY LEADING DRILLING AND
COMPLETIONS SERVICES PROVIDER
    * NEXTIER OILFIELD SOLUTIONS INC - COMBINED $5.4 BILLION
TOTAL
ENTERPRISE VALUE
    * NEXTIER OILFIELD SOLUTIONS - DEAL EXPECTED TO GENERATE
ABOUT
$200 MILLION OF ANNUAL COST SAVINGS, OPERATIONAL SYNERGIES
WITHIN 18 MONTHS POST CLOSE
    * NEXTIER OILFIELD SOLUTIONS INC - MERGER IS EXPECTED TO BE
TAX-FREE TO SHAREHOLDERS OF BOTH COMPANIES
    * NEXTIER OILFIELD SOLUTIONS - NEXTIER SHAREHOLDERS TO
RECEIVE
0.7520 SHARES OF PATTERSON-UTI COMMON STOCK FOR EACH SHARE OF
NEXTIER COMMON STOCK OWNED
    * NEXTIER OILFIELD SOLUTIONS - UPON CLOSING OF TRANSACTION,
PATTERSON-UTI SHAREHOLDERS WILL OWN APPROXIMATELY 55% OF
COMBINED CO ON FULLY DILUTED BASIS
    * NEXTIER OILFIELD SOLUTIONS - UPON CLOSING OF TRANSACTION,
NEXTIER SHAREHOLDERS WILL OWN APPROXIMATELY 45% OF COMBINED CO
ON A FULLY DILUTED BASIS
    * NEXTIER OILFIELD SOLUTIONS - UPON CLOSE, ANDY HENDRICKS,
PRESIDENT AND CEO OF PATTERSON-UTI, TO SERVE AS PRESIDENT AND
CEO OF COMBINED CO
    * NEXTIER OILFIELD SOLUTIONS - ROBERT DRUMMOND, PRESIDENT
AND CEO
OF NEXTIER, WILL BECOME VICE CHAIR OF COMBINED CO'S BOARD
    * NEXTIER OILFIELD SOLUTIONS INC - MERGER IS EXPECTED TO
CLOSE IN
Q4 OF 2023
    * NEXTIER OILFIELD SOLUTIONS INC - COMBINED CO WILL OPERATE
UNDER
NAME PATTERSON-UTI ENERGY, INC. AND TRADE UNDER TICKER SYMBOL
PTEN
    * NEXTIER OILFIELD SOLUTIONS INC - WELL COMPLETIONS BUSINESS
WILL
OPERATE UNDER NEXTIER COMPLETIONS BRAND
    * NEXTIER OILFIELD SOLUTIONS INC - CURTIS HUFF,
PATTERSON-UTI'S
CURRENT CHAIR OF BOARD, WILL SERVE AS CHAIR OF COMBINED CO'S
BOARD
    * NEXTIER OILFIELD SOLUTIONS INC - FOLLOWING CLOSE, COMBINED
CO'S
BOARD WILL COMPRISE 11 DIRECTORS
    * NEXTIER OILFIELD SOLUTIONS INC - AGREEMENT HAS BEEN
UNANIMOUSLY
APPROVED BY BOARDS OF BOTH COMPANIES

Source text for Eikon:  ID: 
Further company coverage:  NEX.N 

 ((Reuters.Briefs@thomsonreuters.com;))