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TETRA Technologies, Inc. Message Board

  • martha.varias martha.varias Sep 11, 2012 10:44 AM Flag

    The acquisition of Greywolf Production Systems for $55.5 million in cash

    CALGARY — A private Crossfield-based oilfield services company is being snapped up for $55.5 million US by a Texas company that craves its North Dakota operations.

    ~Tetra Technologies announced Thursday it will buy Greywolf Production Systems, headquartered in the small town north of Calgary, in an all-cash deal to close at the end of the month.

    ~Stuart Brightman, Tetra’s president and chief executive, said the takeover will cement the Woodlands, Texas, company’s position as one of the largest frack flowback and well-testing companies in North America.

    ~The transaction is Tetra’s third in the past six months_
    and it takes its cash outlay to about $160 million. Tetra posted revenue in the first quarter of $181 million US.

    ~In a note to investors, Barclays services analyst James West said the deal will fill a gap in Tetra’s North Dakota Bakken light oil play coverage.
    “In addition to its strong Canadian operations, Greywolf is a leading flowback testing company in the Bakken, expanding Tetra’s presence in a key oil/liquids basin,” he wrote.

    Sentiment: Buy

9.22+0.08(+0.88%)Nov 25 4:03 PMEST