secwatch.observer — SEC 8-K summary
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Issuer:     FORUM ENERGY TECHNOLOGIES, INC. (FET)
CIK:        0001401257
Form:       8-K
Filed at:   2023-11-03T23:59:59+00:00
Accession:  0001401257-23-000086
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 3.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FET acquires Variperm for $150M cash+2M shares; pro forma adj EBITDA +77%
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- Consideration: $150M cash + 2M FET shares at ~3.7x Variperm TTM EBITDA as of Sep 30, 2023.
- Pro forma combined: revenue $873M (+17%), adj EBITDA $121M (+77%), margin 14% (+470 bps).
- Financing: $90M cash on hand, ABL borrowings, and up to $60M seller term loan (11% initial rate).
- ABL credit facility amended to increase revolver to $250M and extend maturity to Sep 2028.
- Director Emily Reichert retired effective Nov 2, 2023; departure not due to disagreement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1401257/000140125723000086/0001401257-23-000086-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1401257/000140125723000086/fet-20231101.htm
  HTML page:      https://secwatch.observer/filing/0001401257-23-000086

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