secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2023-06-15T23:59:59+00:00
Accession:  0001193125-23-167408
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 5.03, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Patterson-UTI and NexTier to merge in all-stock merger of equals, approx $5.4B enterprise value
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- Exchange ratio: 0.7520 PTEN shares per NEX share; PTEN holders own ~55%, NEX ~45% on fully diluted basis.
- Combined enterprise value ~$5.4B; expected ~$200M annual cost & operational synergies within 18 months of close.
- Leadership: Curtis Huff to chair board, Robert Drummond to serve as vice chair, Andy Hendricks to remain CEO.
- Merger expected to be accretive to EPS and free cash flow per share in 2024; structured as tax-free to shareholders.
- Support agreement covers ~32.3M NEX shares held by Keane Investor Holdings and Cerberus Capital Management.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000119312523167408/0001193125-23-167408-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000119312523167408/d494894d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-167408

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