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Flotek to acquire Teledrift for $95.2 million
(Reuters) - Drilling equipment maker Flotek Industries Inc (FTK.N) said it agreed to acquire Teledrift Inc for about $95.2 million to expand its offering of downhole drilling tools and increase its global presence.
Separately, Flotek said it plans to offer $100 million of convertible senior notes to finance the acquisition.
The company said it expects the acquisition of Teledrift, a maker of wireless survey and measurement tools used while drilling, to close by the end of February.
Shares of the company fell 6 percent to $20.25 in morning trade on the New York Stock Exchange.
(Reporting by John Tilak and Neetha Mahadevan in Bangalore; Editing by Anil D'Silva)
