RPC (RES) said Wednesday it has acquired Pintail Alternative Energy for approximately $245 million in cash and securities, effective April 1.
Pintail is a provider of oilfield wireline services in the Permian basin, RPC said.
The transaction amount includes a combination of about $170 million cash-on-hand, $25 million of RPC restricted stock, and a $50 million three-year note to one of the sellers, the company said.
The acquisition is expected to be accretive to RPC's 2025 earnings per share, the company said.
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