Patterson-UTI (PTEN) Sells Flowback Ops to Tetra Tech (TTI) for $42.5M
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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.
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