The closing of the transaction, announced in March, is expected to occur on August 1. (Source: Shutterstock/ Drilling Tools International/ Superior Drilling Products)
Oilfield service company Drilling Tools International has agreed to acquire Superior Drilling Products Inc. in a cash and stock deal valued at $32.2 million, according to a March 7 press release.
Drilling Tools International’s (DTI) $32.2 million cash-and-stock acquisition has won the approval of Superior Drilling Products (SPD) shareholders, SPD said in a July 30 press release.
At a special meeting on July 29, more than 99% of the shares voted in favor of the merger agreement. SDP will file the final vote results, as certified by the independent Inspector of Election, in a Form 8-K with the U.S. Securities and Exchange Commission.
Troy Meier, SDP’s chairman and CEO, said the shareholders’ confidence reflects “a shared recognition of the tremendous opportunities ahead as a combined company. We are committed to ensuring a seamless transition and are excited to embark on this new chapter.”
The closing of the transaction, announced in March, is expected to occur on August 1. Upon completion of the transaction, SDP’s common stock will no longer be listed on any public market.
Recommended Reading
Abu Dhabi’s Mubadala Buys Stake in Kimmeridge Shale Gas, LNG Ventures
2025-04-10 - Mubadala Energy, owned by Abu Dhabi’s sovereign wealth fund, is buying a stake in Kimmeridge Texas Gas (KTG) and Commonwealth LNG as the United Arab Emirates company makes an entry into U.S. shale.
Stonepeak Acquires Stake in Woodside’s Louisiana LNG for $5.7B
2025-04-07 - Investment firm Stonepeak purchased a 40% interest in a project Australia’s Woodside Energy bought last year for $900 million.
Diamondback Closes TRP Acreage Swap for Midland Assets
2025-02-25 - Diamondback Energy added southern Midland Basin locations through an acreage swap with TRP Energy.
Energy Trader Vitol Eyes $3B Sale of US Shale Producer, Sources Say
2025-03-27 - Global commodities trader Vitol is exploring a sale of its VTX Energy Partners business, in a deal that could value the U.S. shale oil and gas producer at as much as $3 billion, including debt, people familiar with the matter said.
Barrell Energy Raises Funds to Deepen Smackover Footprint
2025-04-08 - Barrell Energy said it plans to increase its portfolio company Barrell Lithium’s leasehold to approximately 40,000 acres within the Smackover play.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.