Patterson-UTI Energy And NexTier Oilfield Solutions Enter Definitive Merger Agreement To Combine In An All-stock Merger Of Equals Transaction
Portfolio Pulse from Benzinga Newsdesk
Patterson-UTI Energy and NexTier Oilfield Solutions have entered a definitive merger agreement in an all-stock merger of equals transaction, creating a combined company with an enterprise value of $5.4 billion. Upon closing, Patterson-UTI shareholders will own 55% and NexTier shareholders will own 45% of the combined company, which will operate under the name Patterson-UTI Energy, Inc. and trade under the ticker symbol PTEN.
June 15, 2023 | 10:03 am
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NexTier Oilfield Solutions will merge with Patterson-UTI Energy in an all-stock transaction, with the combined company having an enterprise value of $5.4 billion. NexTier shareholders will own 45% of the combined company.
The merger will create a larger, more diversified company with a higher enterprise value. This is likely to have a positive impact on NexTier Oilfield Solutions' stock price in the short term as investors may see the combined company as a stronger player in the market.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Patterson-UTI Energy will merge with NexTier Oilfield Solutions in an all-stock transaction, with the combined company having an enterprise value of $5.4 billion. Patterson-UTI shareholders will own 55% of the combined company.
The merger will create a larger, more diversified company with a higher enterprise value. This is likely to have a positive impact on Patterson-UTI Energy's stock price in the short term as investors may see the combined company as a stronger player in the market.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100