Patterson-UTI (PTEN) Sells Flowback Ops to Tetra Tech (TTI) for $42.5M
- Market Wrap: Big Earnings Releases; Zebra's Giant Enterprise Deal; Glass Day on Tax Day
- Intel (INTC) Tops Q1 EPS by 1c; Guides Q2, FY14
- After-Hours Stock Movers 4/15: (YHOO) (BIDU) (INTC) Higher; (ATHL) Lower (more...)
- Yahoo, Inc. (YHOO) Tops Q1 EPS by 1c
- Stocks Choppy With Escalation of Ukraine Violence
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.
You May Also Be Interested In
- UPDATE: Blackstone (BX), Goldman Sachs (NYSE: GS) to purchase Ipreo from KKR & Co. (KKR)
- Mesa Labs (MLAB) Closes $9.9M Acquisition of BGI Instruments
- Bazaarvoice (BV) Acquires Social Media Curation Company, FeedMagnet
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!