Newpark Resources Announces It Has Completed The Sale Of Fluids Systems Segment To SCF Partners; Under The Terms Of The Sale Transaction Agreement, The Base Sale Price Of The Business Is $127.5M
Portfolio Pulse from Benzinga Newsdesk
Newpark Resources has sold its Fluids Systems segment to SCF Partners for a base price of $127.5 million, with net proceeds of $56 million. The sale will generate tax benefits and lead to a reclassification of the segment as Discontinued Operations. Newpark plans to use the proceeds for investments and share buybacks.
September 13, 2024 | 8:17 pm
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Newpark Resources has completed the sale of its Fluids Systems segment to SCF Partners for a net consideration of $56 million. The sale will provide tax benefits and allow Newpark to focus on investments and share buybacks.
The sale of the Fluids Systems segment provides Newpark with significant cash proceeds and tax benefits, which can be used for strategic investments and share repurchases. This is likely to positively impact the stock price in the short term as it strengthens the company's financial position and focuses on growth opportunities.
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