Innovex made a minority investment in Downhole Well Solutions in May 2023. (Source: Shutterstock/ Innovex)
Innovex International has completed the acquisition of remaining equity ownership in Downhole Well Solutions (DWS), the company said in a Dec. 2 press release.
Innovex’s aggregate costs for the acquisition were $103.7 million, consisting of $68 million cash and 1.91 million shares of common stock, according to Securities and Exchange Commission filings. The cash portion is subject to closing and post-closing adjustments.
Innovex made a minority investment in DWS in May 2023. DWS, founded in 2019, provides proprietary drilling optimization and friction reduction tools rented to operators in multiple U.S. land markets.
“This acquisition adds another industry leading technology to Innovex’s product portfolio, enabling Innovex to offer customers a more complete portfolio,” said Adam Anderson, CEO of Innovex. “DWS has established a culture that is an excellent fit with Innovex’s ‘No Barriers’ culture, and we look forward to working together to deliver superior growth, cash flow, and returns for our shareholders.”
Taylor Janca, managing partner of DWS, said the companies are ready to take the next step in their partnership.
“Combining with Innovex provides an ideal platform to further expand our technologies in the US Land market as well as establish ourselves in several international markets where there is strong demand for our technologies,” Janca said.
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