Patterson-UTI (PTEN) Sells Flowback Ops to Tetra Tech (TTI) for $42.5M
- Market Wrap: Fed Firms on Rate Hike; Empire Resorts Gets Big Gaming Win; On Deck Capital Rips on Debut
- Fed Drops 'Considerable Time', Says Can be 'Patient' on Rates
- After-Hours Stock Movers 12/17: (ZAGG) (TTPH) (ORCL) Higher; (MLHR) (KEX) Lower (more...)
- Oracle (ORCL) Reports In-Line Q2 EPS
- Wall Street Looks to Profit from New and Improved Cuba Relations (CUBA) (RCL) (CCL)
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
- Shire plc (SHPG) Said Considering Bid for NPS Pharma (NPSP)
- Affiliated Managers Group (AMG) Makes Additional Investment in AQR Capital
- Coeur (CDE) to Acquire Paramount Gold And Silver (PZG) in All-Stock Deal
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!