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Provider: Reuters Investment Profile

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Archer Ltd Completes Divestiture Of North American Rental And Tubular Division

Friday, 28 Jun 2013 02:44am EDT 

Archer Ltd announced that with refer to the press release dated May 22, 2013, which announced the agreement to sell the North American Rental and Tubular division. Archer and Clearlake Capital completed the previously announced transaction on June 27, 2013. The agreed upon all-cash transaction price was $244 million. The net proceeds exclusive of working capital adjustments, fees and funds in escrow are approximately $229 million. Archer will use the net proceeds to pay down outstanding balances on its credit facilities. 

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