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Patterson-UTI Energy $1.76 billion acquisition of Seventy Seven Energy

12/12/2016
Public acquisition
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$ 1.76 billion

Announced

12/12/2016

Overview:

  • Patterson-UTI Energy has acquired Seventy Seven Energy in a $1.42 billion all-stock deal.
  • The purchase includes Seventy Seven's $336 million of debt and comes in the wake of Seventy Seven's Chapter 11 bankruptcy this past July.
  • The acquisition gives Patterson-UTI a total of 201 rigs.
  • The transaction is expected to close in the first half of 2017.

Kurt Stumpo - Journalist

Jurisdiction:

United States

Deal type:

Public acquisition

Practice area:

M&A

Governing law:

United States

Industry sector:

Oil and gas

Firms:
Vinson & Elkins

Party: Patterson-UTI Energy (Acquirer)

Wachtell Lipton Rosen & Katz

Party: Seventy Seven Energy (Target)

Lawyer: David Katz

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