Klx Energy Services Completes Acquisition Of Greene'S Energy Group In A Deleveraging, Accretive All-Stock Transaction, Adding Scope And Scale To Its Southwest Segment
Klx Energy Services Completes Acquisition Of Greene'S Energy Group In A Deleveraging, Accretive All-Stock Transaction, Adding Scope And Scale To Its Southwest Segment
03/08/23, 10:35 PM
Industry
oil and gas
energy
oil and gas
energy
KLX Energy Services Holdings, Inc. (NASDAQ: KLXE), ("KLX" or the "Company") announced today it has acquired all of the equity interests of Greene's Energy Group, LLC ("Greene's"), including $1.7 million in cash remaining with Greene's, in an all-stock transaction. The total consideration for the acquisition consisted of the issuance of approximately 2.4 million shares of KLX common stock, par value $0.01 per share, subject to customary post-closing adjustments, with an implied enterprise value of approximately $30.3 million based on a 30-day volume weighted average price ("VWAP") as of March 7, 2023 and less acquired cash. Following the closing of the transaction, former shareholders of Greene's hold approximately 14.7% of the fully diluted common stock of the Company.
Company Info
Company info
KLX is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all of the active major basins throughout the United States. The Company delivers mission critical oilfield services focused on drilling, completion, production, and intervention activities for technically demanding wells from over 50 service and support facilities located throughout the United States. KLX's complementary suite of proprietary products and specialized services is supported by technically skilled personnel and a broad portfolio of innovative in-house manufacturing, repair and maintenance capabilities. More information is available at www.klxenergy.com.