Helmerich & Payne, Inc. (HP): M&A transaction — 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.

item 2.01 item 1.01 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

Helmerich & Payne, Inc. completed an acquisition involving KCA Deutag International Limited for total consideration of approximately $897 million in cash, approximately $80 million of which was deposited into a customary escrow on the Closing Date pending (closed 2025-01-16).

Action: acquisition
Counterparty: KCA Deutag International Limited
Consideration: total consideration of approximately $897 million in cash, approximately $80 million of which was deposited into a customary escrow on the Closing Date pending
Closing: 2025-01-16

Exact text from the filing

On January 16, 2025 (the " Closing Date "), the Company completed the Acquisition (the " Closing " ) whereby the Purchaser acquired the Shares for total consideration of approximately $897 million in cash, approximately $80 million of which was deposited into a customary escrow on the Closing Date pending the resolution of certain potential tax obligations of KCA Deutag in accordance with the terms of the Purchase Agreement.

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Source: SEC EDGAR

accession 0001104659-25-004116

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