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Newpark Resources Inc Announces Closing Of Acquisition


Monday, 31 Dec 2012 01:22pm EST 

Newpark Resources Inc announced that it has completed the acquisition of all assets and operations of Alliance Drilling Fluids, LLC, a provider of drilling fluids, proppants, and related services headquartered in Midland, Texas. Total cash consideration at closing was approximately $53 million, which was funded through borrowings on Newpark's revolving credit facility. The purchase price is subject to further adjustments, based upon actual working capital conveyed. Additional consideration up to $4.3 million may be payable based on the profitability of the proppant distribution business over the two year period following the acquisition. Alliance recorded revenues of $89 million and operating income of $14 million for the year ended December 31, 2011, of which approximately 50% of revenue and 40% of operating income was attributable to the proppant business. 

Company Quote

12.39
-0.15 -1.20%
28 Aug 2014