Patterson-UTI Energy To Acquire Global Drill Bit Company, Ulterra For Consideration Of $370M Of Cash And 34.9M Shares Of PTEN Common Stock
Portfolio Pulse from Benzinga Newsdesk
Patterson-UTI Energy (PTEN) is set to acquire Ulterra, a global drill bit company, for $370M in cash and 34.9M shares of PTEN common stock. Ulterra will continue to operate under its own name and maintain its headquarters in Fort Worth, Texas.
July 05, 2023 | 10:04 am
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Patterson-UTI Energy's acquisition of Ulterra could potentially strengthen its market position and diversify its product offerings. The deal involves a significant cash outlay and share issuance, which may impact PTEN's stock price.
The acquisition could potentially strengthen PTEN's market position and diversify its product offerings. However, the significant cash outlay and share issuance could dilute existing shareholders and put pressure on PTEN's stock price in the short term.
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IMPORTANCE 75
RELEVANCE 100