secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2022-08-15T23:59:59+00:00
Accession:  0001193125-22-220650
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Team sells Quest Integrity segment to Baker Hughes for $280M cash
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- Agreement to sell Quest Integrity (advanced inspection & reliability) to Baker Hughes for $280M cash, subject to customary closing adjustments.
- Transaction expected to close in Q4 2022, pending HSR and Saudi Arabia antitrust approvals and other conditions.
- Proceeds will be used for substantial debt paydown and to strengthen liquidity, as part of a strategic refocus.
- Quest Integrity generated ~$80M revenue in 2021 and ~$59M in first half of 2022.
- Remaining core Inspection & Heat Treating and Mechanical Services represented over 87% of consolidated revenue through June 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000119312522220650/0001193125-22-220650-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000119312522220650/d291231d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-220650

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