Only weeks after slapping down $5.4 billion to take over NexTier Oilfield Solutions, Patterson-UTI Inc. on Wednesday agreed to buy global drillbit specialist Ulterra Drilling Technologies LP.

In the definitive agreement with sponsor Blackstone Energy Partners, Patterson-UTI agreed to pay $370 million cash and trade 34.9 million common shares. Patterson-UTI was trading for around $12.20/share early Wednesday. 

Ulterra, headquartered in Fort Worth, TX, is considered an expert in designing, manufacturing, selling and renting polycrystalline diamond compact (PDC) drillbits. 

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