October 17, 2016 / 10:11 AM / 9 months ago

BRIEF-Dril-Quip to buy TIW Corporation for about $143 million

1 Min Read

Oct 17 (Reuters) - Dril-Quip Inc

* Dril-Quip agrees to acquire TIW Corporation

* Dril-Quip Inc - deal for approximately $143 million

* Dril-Quip Inc - TIW is being acquired on a debt-free, cash-free basis

* Dril-Quip Inc - Dril-Quip intends to fund consideration with cash on hand

* Dril-Quip Inc - Dril-Quip anticipates synergies to be realized from this transaction

* Dril-Quip Inc - TIW revenue is expected to trough between $60 million and $70 million in 2016

* Dril-Quip Inc - TIW revenue expected to increase to between $80 million and $100 million by 2018

* Dril-Quip Inc - TIW EBITDA margins are expected to be similar to Dril-Quip's margins once synergies are realized Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below