Hunting Plc Snares Houston-Based Innova-Extel For $125MM

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$125.0MM
Description

Closed acquisition of harsh environment electronics technology supplier.

Hunting Plc, London, (London: HTG) has closed its acquisition of Houston-based technology supplier Innova-Extel Acquisition Holdings Inc. from private equity firm American Capital Ltd., Bethesda, Md., (Nasdaq: ACAS) for US$125 million in cash.

Founded in 1989, Innova-Extel is a leading supplier of harsh environment electronics technology to the global energy industry, including printed circuit boards for downhole logging tools.

Hunting chief executive Dennis Proctor says, "Innova-Extel adds a very important part to our technology strength for high-temperature, high-pressure applications. Operators rely on this technology to acquire real time data in downhole measurements. Combined with the growth of directional and horizontal drilling and our existing product offering, this acquisition will further strengthen our position in complex drilling environments."

Innova-Extel employs approximately 300 people at its two sites.

Simmons & Co. International was financial advisor and Locke Lord Bissell & Liddell was legal advisor to Hunting.