12 Oct 2017capital raising announcement● NeutralMajor
Patterson-UTI closed its purchase of Multi-Shot, LLC (MS Energy Services) on October 11, 2017, paying $75 million in cash and 8,798,391 new shares of its common stock, which the company valued at about $262 million based on a $21.31 share price. This adds a directional drilling business to the contract drilling and pressure pumping operations, and the new shares are issued to the sellers, so existing holders are diluted by that amount.