Klx Energy Services Completes Acquisition Of Greene'S Energy Group In A Deleveraging, Accretive All-Stock Transaction, Adding Scope And Scale To Its Southwest Segment
Acquiring Company
KLX Energy Services
Acquired Company
KLX Energy Services
Description
KLX Energy Services Holdings, Inc. (NASDAQ: KLXE), ("KLX" or the "Company") announced today it has acquired all of the equity interests of Greene's Energy Group, LLC ("Greene's"), including $1.7 million in cash remaining with Greene's, in an all-stock transaction. The total consideration for the acquisition consisted of the issuance of approximately 2.4 million shares of KLX common stock, par value $0.01 per share, subject to customary post-closing adjustments, with an implied enterprise value of approximately $30.3 million based on a 30-day volume weighted average price ("VWAP") as of March 7, 2023 and less acquired cash. Following the closing of the transaction, former shareholders of Greene's hold approximately 14.7% of the fully diluted common stock of the Company.