Drilling Tools International (DTI) said Thursday it completed its acquisition of oilfield equipment rental company Titan Tools Services.
Drilling Tools announced its purchase of UK-based Titan Tools on Oct. 31 but did not provide financial terms or other details about the transaction.
On Thursday, however, the company filed registration documents showing it issued slightly more than 888,000 of its common shares to four Titan Tools executives, suggesting the deal fetched at least $2.9 million, based on Tuesday's closing price of $3.29 per share.
Two Titan Tools executives, Bruce Jepp and Graeme Stewart, are expected to remain with Drilling Tools following the acquisition, the company said.
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