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: