Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
PATTERSON UTI ENERGY INC entered into Agreement and Plan of Merger with BEP Diamond Holdings Corp. valued at aggregate initial consideration of 34,900,000 shares of Patterson-UTI common stock and $370,000,000 (effective 2023-07-03).
- Action
- entry
- Agreement
- merger
- Counterparty
- BEP Diamond Holdings Corp.
- Value
- aggregate initial consideration of 34,900,000 shares of Patterson-UTI common stock and $370,000,000
- Effective
- 2023-07-03
Exact text from the filing
On July 3, 2023, Patterson-UTI Energy, Inc., a Delaware corporation (“ Patterson-UTI ”), PJ Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of Patterson-UTI (“ Merger Sub I ”), and PJ Second Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Patterson-UTI (“ Merger Sub II ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with BEP Diamond Holdings Corp., a Delaware corporation (“ Ulterra ”), which indirectly owns all of the outstanding equity interests of Ulterra Drilling Technologies, L.P., and BEP Diamond Topco L.P., a Delaware limited partnership, as sole stockholder of Ulterra (the “ Stockholder ”), pursuant to which, upon the terms and subject to the conditions set forth therein, (i) Merger Sub I will merge with and into Ulterra, with Ulterra continuing as the surviving entity (the “ Surviving Corporation ”) (the “ First Company Merger ”), and (ii) immediately following the First Company Merger, the Surv
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