secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2023-08-14T23:59:59+00:00
Accession:  0000950170-23-042391
Event type: m_and_a
Sentiment:  positive
Materiality: 0.70
Item codes: 2.01, 3.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000095017023042391/0000950170-23-042391-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000095017023042391/pten-20230814.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-042391

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