Drilling Tools International Corp (DTI): M&A transaction — Drilling Tools International closes ~£14.5M acquisition of Deep Casing Tools

Drilling Tools International Corp

Acquired 100% of Deep Casing Tools for ~£14.5M (£250K share purchase, £14.25M debt payoff).
Closing on March 15, 2024; press release issued March 18, 2024.
Deep Casing Tools provides patented turbine-powered casing running (TurboCaser), completion running, and other downhole tools.
Expands DTI's Middle East presence; CEO cites pending acquisition of Superior Drilling Products (SDPI).
Deep Casing holds long-term contracts in Central America, Middle East, Asia Pacific; commercializing three new technologies.

item 2.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Drilling Tools International Corp completed an acquisition for approximately £14,500,000 (closed 2024-03-15).

Action: acquisition
Consideration: approximately £14,500,000
Closing: 2024-03-15

Exact text from the filing

(100%) of the shares of CTG (the “ Acquisition ”), which wholly owns Deep Casing Tools Limited (“ Deep Casing ”), an energy technology development company, for approximately £14,500,000, of which £250,000 is allocated for the purchase of the CTG shares and £14,250,000 is allocated for the payoff of certain lenders of CTG. The Acquisition was consummated and

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Source: SEC EDGAR

accession 0001193125-24-070306

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