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Monday, 08 September, 2008, 18:40 GMT | more prices >>

Flotek stumps up $95m for Teledrift



By Upstream staff 

Flotek Industries is set to buy Teledrift for about $95.2 million in a bid to expand its offering of proprietary higher margin downhole tools and increase its international sales presence.

Flotek, which supplies drilling and production related products, plans to finance the move with the net proceeds from a public offering of convertible notes.

The company said it expects the acquisition of Teledrift, a maker of wireless survey and measurement while drilling tools, to close by the end of this month.


Tuesday, 05 February, 2008, 14:53 GMT  | last updated: Tuesday, 05 February, 2008, 15:02 GMT

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