secwatch.observer — SEC 8-K summary
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Issuer:     Cactus, Inc. (WHD)
CIK:        0001699136
Form:       8-K
Filed at:   2023-01-03T23:59:59+00:00
Accession:  0001699136-23-000003
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cactus (WHD) to acquire FlexSteel for $621M upfront, plus up to $75M earn-out
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- Total upfront cash-free, debt-free consideration $621M, subject to customary adjustments.
- Earn-out of up to $75M payable in 2024 if FlexSteel achieves 18-month gross revenue of $545M to $649M+.
- Closing expected in early Q1 2023, subject to HSR and other customary conditions.
- Committed bridge financing of $375M from JPMorgan; combined net debt to 2022E adjusted EBITDA <1.0x at close.
- FlexSteel generated ~$265M revenue in 9M 2022; CEO Thirucherai Sathyanarayanan continues to lead.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1699136/000169913623000003/0001699136-23-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1699136/000169913623000003/whd-20221229.htm
  HTML page:      https://secwatch.observer/filing/0001699136-23-000003

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