US land driller Patterson-UTI is expanding its onshore drilling and hydraulic fracturing activities through a $1.76 billion all-stock deal to buy competitor Seventy Seven Energy.
Under the terms of the agreement, Patterson will acquire all of the shares of Seventy Seven in return for 49.6 million of its own stock to give a transaction value of $1.76 billion, based on Monday’s closing price of $28.67
