Patterson-UTI Merges With NexTier to Create a $5.4 Billion Oil-Well Services Firm

Patterson-UTI Energy and NexTier Oilfield Solutions on Thursday agreed to merge in an all-stock deal to create a $5.4 billion oil services firm.

According to the terms of the transaction, NexTier shareholders will receive 0.7520 shares of Patterson-UTI common stock for each share of NexTier common stock owned.

The deal represents an equity value of about $1.93 billion based on the stock’s last closing price, according to Reuters’ calculations.

Read the source article at reuters.com