The Houston-based company is buying its city partner, which is listed in Toronto, for C$1.49 (US$1.15) per share, equating to around C$50.28 million (or US$38.64 million), with Logan having around 33.74 million shares outstanding.
“The combination of the two companies will create a global oilfield products and equipment company with the potential for growth across its product lines,” Logan said.
The seller will, however, still be able to seek a separate sale of its subsidiaries Logan Completion Systems and Logan SuperAbrasives, under certain circumstances.
