Patterson-UTI Energy Acquires Global Ulterra Drilling Technologies In Cash & Stock Deal
Portfolio Pulse from Nabaparna Bhattacharya
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is set to acquire Ulterra Drilling Technologies for $370 million in cash and 34.9 million shares of PTEN common stock. The deal is expected to close in Q3 2023. Ulterra is expected to generate $160 million-$180 million of EBITDA in 2023, creating revenue synergies within the first year. PTEN shares are currently trading lower by 0.16% to $12.30.
July 05, 2023 | 3:50 pm
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NEUTRAL IMPACT
Patterson-UTI Energy's acquisition of Ulterra Drilling Technologies could potentially strengthen its position in the drilling and completions sector. However, the company's shares are currently trading lower.
The acquisition of Ulterra Drilling Technologies by Patterson-UTI Energy could potentially enhance the company's drilling and completions offerings. This could lead to increased revenue synergies and a stronger market position. However, the impact on the company's stock price is currently neutral, with shares trading lower.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100