Patterson-UTI (PTEN) Sells Flowback Ops to Tetra Tech (TTI) for $42.5M
Patterson-UTI (Nasdaq: PTEN) sold its flowback operations to TETRA Technologies, Inc. (NYSE: TTI) in a cash transaction. The sale price was $42.5 million and a subsidiary of Patterson-UTI retained the associated financial working capital of approximately $5 million. Patterson-UTI expects to report a pretax gain of approximately $20 million in the second quarter of 2012 as a result of this transaction. Simmons & Company International served as financial advisor to Patterson-UTI in this transaction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- OPKO Health (OPK), Pfizer (PFE) Report Regulatory Clearance for hGH-CTP Agreement
- Commscope nears deal to acquire TE Connectivity Ltd. (TEL) unit for approx. $3 billion - WSJ
- Campbell Soup (CPB) Announces Enterprise Reorganization
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!