Patterson UTI Energy increased its position in North American unconventionals
by agreeing to acquire the second largest directional driller in the US for 8.8 million
shares of its stock and $75 million of cash. The $215.3 million deal for MS Energy
Services, based in Conroe, TX, is expected to close early in Q4.
Patterson-UTI will not add nor issue any debt in the transaction with
the sellers agreeing to use the
cash to pay all MS Energy debt. The
sellers include......
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