---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-042391"
form_type: "8-K"
ticker: "PTEN"
cik: "0000889900"
company_name: "PATTERSON UTI ENERGY INC"
filed_at: "2023-08-14T23:59:59+00:00"
generated_at: "2026-06-11T13:36:19.358490+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Patterson-UTI closes acquisition of Ulterra for $370M cash and 34.9M shares

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-042391
- form_type: 8-K
- ticker: PTEN
- cik: 0000889900
- company_name: PATTERSON UTI ENERGY INC
- filed_at: 2023-08-14T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.01, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/889900/000095017023042391/0000950170-23-042391-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889900/000095017023042391/pten-20230814.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-042391
- JSON: https://secwatch.observer/filing/0000950170-23-042391.json
- Plain text: https://secwatch.observer/filing/0000950170-23-042391.txt

## Key facts
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/889900/000095017023042391/0000950170-23-042391-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.