Nabors Industries Ltd. (NYSE: NBR) said Monday it has agreed to buy oilfield services provider Superior Well Services Inc. (NASDAQ: SWSI) for about $900 million, or $22.12 per share, according to Associated Press.
Holders of about 34 percent of Superior Well Services' outstanding shares have agreed to tender their shares for the deal. Nabors, the oil and gas drilling company, expects the offer to close by the end of the third quarter.
Nabors said it will acquire any remaining shares of Superior Well Services through a second-step acquisition at the same per-share price once the tender offer is complete.
Nabors expects the deal to boost earnings next year. The company said the deal will expand its offerings in the oil services sector, especially internationally. The deal will also allow the company to streamline its North American operations.
###
Click here for more Business News
About WooEB
WooEB Community is a business, music and social networking community. WooEB provides members with a wealth of applications that enable them to create an in-depth profile within the community. Profiles include an About Me, Background and Lifestyle, Videos, Photo sharing, News, Music, Blogs, unique URL and networking with other members inside the WooEB community. WooEB provides ADit to each member providing them the opportunity to have an exclusive profile (no outside advertising) displaying only banner ads they upload to their pages. Members can run their own ads or give or sell their ad space to advertisers at prices the member sets.
To create your profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.
