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BRIEF-Patterson-UTI Energy announces to acquire Directional Drilling Services Co
September 5, 2017 / 10:19 AM / a month ago

BRIEF-Patterson-UTI Energy announces to acquire Directional Drilling Services Co

Sept 5 (Reuters) - Patterson-UTI Energy Inc

* Patterson-UTI Energy announces agreement to acquire Directional Drilling Services Company

* Patterson-UTI Energy Inc says ‍in connection with transaction, Patterson-UTI expects to acquire about $30 million of non-cash working capital

* Patterson-UTI - ‍to acquire multi-shot d/b/a MS energy, on debt-free basis for total consideration of about 8.8 million shares of co, $75 million of cash​

* Patterson-UTI Energy Inc says ‍will fund $75 million cash consideration using cash on hand and company’s revolving line of credit​

* Patterson-UTI Energy Inc - ‍transaction values MS energy at about $215 million​

* Patterson-UTI Energy - ‍cash consideration paid for deal to sellers will be used to cover transaction expenses and repay outstanding debt at ms energy​ Source text for Eikon: Further company coverage:

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