secwatch.observer — SEC 8-K summary
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Issuer:     FORUM ENERGY TECHNOLOGIES, INC. (FET)
CIK:        0001401257
Form:       8-K
Filed at:   2024-01-08T23:59:59+00:00
Accession:  0001401257-24-000008
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Forum Energy Tech completes acquisition of Variperm for $150M cash + 2M shares
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- Total consideration: $150M cash plus 2M shares of FET common stock, subject to customary purchase price adjustments.
- Financed with cash on hand, ~$90M ABL borrowings, and a $60M seller term loan (matures Dec 2026; interest starts at 11%, escalates to 17% and 17.5%).
- ABL credit facility amended to increase revolving commitments from $179M to $250M and extend maturity to Sep 2028.
- Granted 39,000 RSUs to 14 Variperm employees as inducement awards; vest fully on the second anniversary of closing.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1401257/000140125724000008/0001401257-24-000008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1401257/000140125724000008/fet-20240104.htm
  HTML page:      https://secwatch.observer/filing/0001401257-24-000008

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