Patterson-UTI (PTEN) Sells Flowback Ops to Tetra Tech (TTI) for $42.5M
- Yahoo! (YHOO) Tops Q3 EPS by 22c
- EMC Corp. (EMC) Misses Q3 EPS by 2c; Updates FY14 Outlook
- Pre-Open Stock Movers 10/22: (RGLS) (IRBT) (SIX) (BRCM) Higher; (NSPH) (DDD) (HIMX) (LL) Lower (more...)
- Boeing (BA) Tops Q3 EPS by 16c; Boosts FY14 EPS Outlook
- Abbott Labs (ABT) Tops Q3 EPS by 3c; Raises FY14 EPS Midpoint
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
- UPDATE: GNC Holdings (GNC), Vitamin Shoppe (VSI) Gain; Vitamin Shoppe in Talks About Hiring Advisor - Reuters
- Ancora Advisors, LLC Shows New 4.76% Stake in Autobytel Inc. (ABTL), Wants Sale of Company
- UPDATE: Packaging (PKG) in Prelim Evaluation of MLP, Has Engaged Advisors (IP) (RKT)
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!