PATTERSON UTI ENERGY INC (PTEN): M&A transaction — Patterson-UTI closes acquisition of Ulterra for $370M cash and 34.9M shares

PATTERSON UTI ENERGY INC

Total consideration includes $370M cash and 34.9M shares of PTEN common stock.
Cash portion funded with cash on hand and $325M drawn from revolving credit facility.
Ulterra adds Middle East presence and BitHub data platform, complementing PTEN+.
Ulterra strengthens Patterson-UTI's position in North American PDC drill bit market.
Ulterra shares subject to 120-day lockup pending NexTier merger stockholder vote.

item 2.01 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

PATTERSON UTI ENERGY INC completed an acquisition involving BEP Diamond Holdings Corp. (Ulterra) for 34,900,000 shares of common stock and $370,000,000 in cash (closed 2023-08-14).

Action: acquisition
Counterparty: BEP Diamond Holdings Corp. (Ulterra)
Consideration: 34,900,000 shares of common stock and $370,000,000 in cash
Closing: 2023-08-14

Exact text from the filing

consummated in accordance with the terms and conditions of the Merger Agreement. In connection with the consummation of the Mergers, Patterson-UTI paid aggregate consideration of 34,900,000 shares of common stock, par value $0.01 per share, of Patterson-UTI (such shares, the “ Shares ”) and an amount of cash equal to $370,000,000, as adjusted for customary purchase

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Source: SEC EDGAR

accession 0000950170-23-042391

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