PATTERSON-UTI ENERGY, INC announced that it has closed the previously announced acquisition of Multi-Shot, LLC d/b/a MS Energy Services ("MS Energy").
Total consideration for the acquisition included approximately 8.8 million shares of stock and $75 million of cash, which valued the transaction at approximately $262 million based on the most recent closing price for Patterson-UTI of $21.31.
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "I would like to welcome the employees of MS Energy to Patterson-UTI Energy. Their hard work and dedication combined with a strong technology focus has grown MS Energy into a leader in U.S. onshore directional drilling services, and we are excited to have them join our team."
Patterson-UTI is a market leading provider of contract drilling, pressure pumping and directional drilling services to oil and natural gas operators in the United States and western Canada. For more information, visit www.patenergy.com