secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2023-06-16T23:59:59+00:00
Accession:  0001193125-23-168250
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000119312523168250/0001193125-23-168250-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000119312523168250/d506037d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-168250

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer