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Drilling Tools International to Acquire Saltire Energy and Foxley for £60.3M Cash Plus 17.4M Shares
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Drilling Tools International announced a definitive agreement to acquire Saltire Energy and Foxley through a Share Purchase Agreement valued at £60.29 million in cash (about $81 million) plus 17,355,139 shares of common stock. Closing is conditioned on SEC effectiveness of a Form S-4, shareholder approval, and Nasdaq listing of the new shares, with no escrow or earnout. In a concurrent step, the company entered a Lock-up and Investor Rights Agreement imposing a…
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