Oil States sells tubular services business for $600 mln
Sept 6 (Reuters) - Oil States International Inc said it sold its tubular services business to a private company for $600 million, a day after activist investor Jana Partners LLC disclosed a higher stake in the oilfield services provider.
Oil States expects to use the proceeds to repay debt and to buy back shares. The company increased its share repurchase program to $500 million from $200 million.
The company said the sale would help it invest further in its accommodations, well-site services and offshore products businesses.
Oil States sold the business to Marubeni-Itochu Tubulars America Inc.
Jana Partners, headed by Barry Rosenstein, raised its stake to 11.7 percent from 9.1 percent, according to a regulatory filing on Thursday.
Oil States shares rose nearly 2 percent to $95.36 in morning trade on the New York Stock Exchange on Friday.
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