secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2023-07-05T23:59:59+00:00
Accession:  0001193125-23-181582
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 3.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Patterson-UTI acquires Ulterra for $370M cash + 34.9M shares; Q3 close expected
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- Acquires Ulterra, a leading PDC drill bit provider, for $370M cash and 34.9M shares of PTEN common stock.
- Ulterra's 2023 EBITDA expected between $160M and $180M; revenue synergies expected within first year.
- Ulterra's BitHub data platform complements PTEN+ and combined data analytics with NexTier merger.
- Closing expected in Q3 2023, subject to HSR and customary conditions; Blackstone entered voting agreement supporting NexTier merger.
- John Clunan will continue to lead Ulterra, reporting to Mike Holcomb; headquarters remain in Fort Worth.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000119312523181582/0001193125-23-181582-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000119312523181582/d457497d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-181582

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