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…
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Texas Drillbit Manufacturer Gains Blackstone as Majority Stakeholder
Blackstone Energy Partners has binding agreements in hand to acquire a majority stake in Ulterra Drilling Technologies, a drillbit manufacturer that works across North America, from affiliates of American Securities LLC.
October 24, 2018