Brief: Patterson-UTI Energy Announces Agreement To Acquire Global Drill Bit Company Ulterra

Nextier Oilfield Solutions

05/07/2023 11:24

July 5 (Reuters) - Patterson-UTI Energy Inc  PTEN.O :
    * PATTERSON-UTI ENERGY ANNOUNCES AGREEMENT TO ACQUIRE GLOBAL
DRILL
BIT COMPANY, ULTERRA
    * PATTERSON-UTI ENERGY INC - CONSIDERATION COMPRISED OF $370
MILLION OF CASH AND 34.9 MILLION SHARES OF PATTERSON-UTI COMMON
STOCK
    * PATTERSON-UTI ENERGY INC - ULTERRA BUSINESS WILL CONTINUE
TO
OPERATE UNDER THE NAME ULTERRA, AND ITS HEADQUARTERS WILL REMAIN
IN FORT WORTH, TEXAS
    * PATTERSON-UTI ENERGY - WILL ACQUIRE ULTERRA DRILLING
TECHNOLOGIES, L.P. FROM AFFILIATES OF BLACKSTONE ENERGY PARTNERS
ON A DEBT-FREE BASIS
    * PATTERSON-UTI ENERGY - INTENDS TO FUND $370 MILLION CASH
CONSIDERATION USING CASH ON HAND AND CO'S REVOLVING LINE OF
CREDIT
    * PATTERSON-UTI ENERGY INC - IN CONNECTION WITH THE
TRANSACTION,
BLACKSTONE HAS ENTERED INTO A VOTING AGREEMENT WITH NEXTIER
OILFIELD SOLUTIONS
    * PATTERSON-UTI ENERGY- BLACKSTONE TO VOTE SHARES OF
PATTERSON-UTI
ISSUED IN DEAL AND HELD BY STOCKHOLDER AT TIME OF THE
PATTERSON-UTI SPECIAL MEETING

Further company coverage:  PTEN.O 

 (Reuters.Briefs@thomsonreuters.com)