Oil States International, Inc. completed the acquisition of GEODynamics, Inc. from the funds managed by Lime Rock Partners, members of its management team David Sanford Wesson, Robert E. Davis, Johnny Joslin and other investors for approximately $520 million.
January 12, 2018
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Oil States International, Inc. (NYSE:OIS) has entered into a definitive agreement to acquire GEODynamics, Inc. from the funds managed by Lime Rock Partners, members of its management team David Sanford Wesson, Robert E. Davis, Johnny Joslin and other investors for approximately $530 million on December 12, 2017. As a part of the consideration, $300 million will be paid in cash (subject to adjustment), 8.66 million shares of Oil States' common stock will be issued and a $25 million unsecured promissory note will be paid to the sellers, bearing interest at 2.5% per annum with a maturity date 18 months after the closing of the transaction. The acquisition is on a cash free, debt free basis. The cash portion of the purchase price will be funded by the borrowings under Oil States’ amended $425 million revolving credit facility, with permanent financing options to be considered in 2018. Approximately $24 million of GEODynamics’ debt will be repaid by the sellers at closing with proceeds from the transaction.
The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close during the first quarter of 2018. The transaction is expected to be immediately accretive. As of January 4, 2018, the Federal Trade Commission granted the early termination notice. David Peterman, Andrew J. Ericksen, David Peterman, A.J. Ericksen, Sarah Dodson, Lakshmi Ramanathan, Zahra Usmani, Amil Shah, Ron Scharnberg, Katie McEvilly, Scott Janoe, Kim Tuthill White, Rob Fowler, Krisa Benskin and Robinson Vu of Baker Botts L.L.P. acted as legal advisors for Lime Rock Management and GEODynamics. W. Garney Griggs and Debra G. Hatter of Strasburger Price Oppenheimer Blend acted as legal advisors for Oil States International in the transaction. Simmons & Company International acted as financial advisor for GEODynamics. Piper Jaffray Companies acted as financial advisor to GEODynamics, Inc and Lime Rock Partners.
Oil States International, Inc. (NYSE:OIS) completed the acquisition of GEODynamics, Inc. from the funds managed by Lime Rock Partners, members of its management team David Sanford Wesson, Robert E. Davis, Johnny Joslin and other investors for approximately $520 million on January 12, 2018. Under the transaction, $295 million paid in cash, the issuance of 8.7 million shares and 25 million unsecured promissory note payable.
Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, industrial and military sectors. The Company's manufactured products include highly engineered capital equipment, as well as products consumed in the drilling, well construction and production of oil and natural gas. It operates through three segments. The Offshore/Manufactured Products segment designs, manufactures and markets capital equipment utilized on floating production systems, subsea pipeline infrastructure, and offshore drilling rigs and vessels, along with short-cycle and other products. The Well Site Services segment includes a range of equipment and services that are used to drill for, establish and maintain the flow of oil and natural gas from a well throughout its life cycle. The Downhole Technologies segment provides oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations.
Oil States International, Inc. completed the acquisition of GEODynamics, Inc. from the funds managed by Lime Rock Partners, members of its management team David Sanford Wesson, Robert E. Davis, Johnny Joslin and other investors for approximately $520 million.
OIL STATES INTERNATIONAL, INC. 
