Our US corporate, securities and M&A team served as co-counsel for Pioneer Energy Services in its acquisition by Patterson-UTI Energy.
The purchase price is approximately US$295 million, which includes the retirement of all Pioneer Energy Services' debt. Consideration for this acquisition consists of the issuance of up to 26,275,000 shares of Patterson-UTI common stock plus payment of US$30 million of cash.
Expected to close in the fourth quarter of 2021, this transaction adds 16 super-spec drilling rigs to Patterson-UTI's current fleet of 150 super-spec drilling rigs in the United States and expands Patterson-UTI's geographic footprint with the addition of eight pad-capable rigs in Colombia.
Daryl Lansdale (San Antonio and Austin) led the deal team, which included Gary McDaniel (San Antonio), Evan Hardee (Dallas), Ben Montanez (San Antonio), Manny Rivera and Roy Goldman (New York). Amanda Wait and Andy Eklund (Washington, DC) provided antitrust advice, and Alex Clark (Dallas) advised on tax matters.