Forum Energy Technologies Agrees To Acquire Variperm Energy Services For $150M Cash And 2M Shares Of FET's Common Stock
Portfolio Pulse from Benzinga Newsdesk
Forum Energy Technologies has agreed to acquire Variperm Energy Services for $150 million in cash and 2 million shares of FET's common stock. The deal values Variperm at approximately 3.7x its trailing twelve months EBITDA as of September 30, 2023. The transaction is expected to close in January 2024, subject to customary closing conditions and Canadian regulatory approval. The combined company is expected to have a revenue of $873 million, an increase of 17%, and adjusted EBITDA of $121 million, an increase of 77%.
November 03, 2023 | 6:19 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Forum Energy Technologies' acquisition of Variperm Energy Services could strengthen its financial position, with expected increases in revenue and EBITDA. The deal is expected to close in January 2024.
The acquisition of Variperm Energy Services by Forum Energy Technologies is expected to significantly boost the combined company's financials, with a projected increase in revenue and EBITDA. This could potentially make FET more attractive to investors, leading to a positive impact on its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100