Patterson-UTI to merge with NexTier in all-stock deal; combined enterprise value $5.4B

PATTERSON UTI ENERGY INC

All-stock merger of equals; PTEN shareholders own 55%, NexTier 45%; exchange ratio 0.7520.
Combined annualized revenue $6.9B, adj. EBITDA $1.9B; expect ~$200M annual cost synergies within 18 months.
Expected close Q4 2023; Andy Hendricks CEO, Curtis Huff Board Chair.
Net debt to TTM EBITDA 0.5x; targeting returning 50%+ of FCF to shareholders.
Creates leading drilling and completions provider with 172 super-spec rigs and 3.3M hydraulic horsepower.

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