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BRIEF-Patterson-UTI Energy and Seventy Seven Energy to merge
December 13, 2016 / 2:25 AM / in 7 months

BRIEF-Patterson-UTI Energy and Seventy Seven Energy to merge

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Dec 12 (Reuters) - Patterson-UTI Energy Inc :

* Says Patterson-UTI expects to achieve synergies in excess of $50 million from deal

* Says will acquire Seventy Seven Energy in exchange for approximately 49.6 million shares of common stock of Patterson-UTI

* Says all of Seventy Seven Energy's debt is expected to be repaid at closing of transaction.

* Says terms of merger agreement were unanimously approved by boards of directors of both companies

* Says transaction values Seventy Seven Energy at approximately $1.76 billion

* Says also expects to issue additional equity in connection with closing transaction

* Patterson-UTI energy and seventy seven energy announce agreement to merge Source text for Eikon: Further company coverage:

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