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Patterson-Uti Completes Acquisition Of Pioneer Energy Services

Oct 04, 2021•about 4 years ago

Acquiring Company

PATTERSON UTI ENERGY INC

Acquired Company

Pioneer Energy Services

HoustonNatural Resources

Description

PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today announced that it has closed its previously announced acquisition of Pioneer Energy Services Corp. Total consideration for the acquisition included the issuance of approximately 26.3 million shares of Patterson-UTI common stock and payment of $30 million of cash, which based on the most recent closing price for Patterson-UTI of $9.44 valued the transaction at approximately $278 million, including the retirement of all Pioneer Energy Services' debt.

Company Information

Company

PATTERSON UTI ENERGY INC

Location

10713 WEST SAM HOUSTON PARKWAY NORTH

Houston, Texas, United States

About

Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com.

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed