HP completes $897M cash acquisition of KCA Deutag; expands Middle East presence

Helmerich & Payne, Inc.

Total consideration ~$897M cash; ~$80M escrowed for potential tax obligations.
Redemption of KCA Deutag debt: $500M 9.875% notes due 2025, $250M floating rate notes, $272.2M PIK notes, plus ~$100M revolver borrowings.
CEO John Lindsay remains; KCA Deutag CEO Joseph Elkhoury departs.
HP expects to provide updated FY2025 outlook with fiscal Q1 results.
Transaction accelerates international growth and enhances scale across U.S. and Middle East onshore drilling.

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