Arconic weighs $11 billion offer from Apollo: sources

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Blackstone (BX) Energy Partners Reports Acquisition of Ulterra Drilling Technologies from American Securities

October 23, 2018 4:29 PM EDT

Blackstone (NYSE: BX) Energy Partners announced today that it has entered into binding agreements to acquire a controlling, majority interest in Ulterra Drilling Technologies (Ulterra or the Company) from affiliates of American Securities LLC. American Securities and certain members of management will retain a minority equity interest in the Company going forward. Financial terms were not disclosed. The transaction is expected to close prior to year-end 2018.

Ulterra is the largest pure-play, independent supplier of polycrystalline diamond compact (PDC) drill bits to the oil and gas industry. The Company is one of the fastest... More