HOUSTON, Jan. 12, 2018 (GLOBE NEWSWIRE) — Oil States International, Inc. (NYSE:OIS) announced today that it has completed its acquisition of GEODynamics, Inc. The acquisition was funded with a combination of $295 million of cash (net of estimated cash acquired and funded by borrowings under Oil States’ amended revolving credit facility), the issuance of 8.66 million shares of Oil States’ common stock (valued at approximately $295 million based on Oil States’ share price at closing), a $25 million unsecured promissory note payable to the sellers, bearing interest at 2.5% per annum maturing in July 2019, and other closing adjustments, for total consideration of approximately $615 million.
Cindy B. Taylor, Oil States’ President and Chief Executive Officer, commented, “We believe the acquisition of GEODynamics offers a unique opportunity for our Company as it provides meaningful growth potential that combines technology with downhole consumable completion solutions that are ideal for the current operating environment. We are excited to add their products to our existing offerings and their employees to the Oil States family. Collectively, we will be able to offer our customers more customized downhole completion solutions, while assisting with their increasingly complex completion designs.”
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Oil States International, Inc. is …