Reuters logo
Patterson-UTI to buy Seventy Seven Energy in $1.76 billion deal
December 13, 2016 / 2:55 AM / 9 months ago

Patterson-UTI to buy Seventy Seven Energy in $1.76 billion deal

Dec 12 (Reuters) - U.S. driller Patterson-UTI Energy said on Monday it agreed to buy Seventy Seven Energy Inc in an all-stock deal valued at $1.76 billion.

Patterson-UTI will issue 49.6 million of its shares at Monday’s closing price of $28.67, and will pay Seventy Seven’s debt through a combination of cash on hand and debt. (Reporting by Parikshit Mishra in Bengaluru; Editing by Amrutha Gayathri)

Our Standards:The Thomson Reuters Trust Principles.
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