Private-equity firm GP Investments Ltd., Sao Paulo, Brazil, (Bovespa: GPIV11) plans to acquire the Latin American land drilling and E&P services businesses of Pride International Inc., Houston, (NYSE: PDE) for US$1 billion in cash. The land business is comprised of 73 land-drilling rigs, 135 workover rigs and two lake drilling barges. The E&P services business provides services to complete, maintain and enhance production from oil and gas wells, including pressure-pumping, integrated, directional drilling and other well services.
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