Innovex Closes $104MM Acquisition of Downhole Well Solutions
Transaction Type
Post Date
Close Date
Estimated Price
103.7BB
Description
Innovex International has completed the acquisition of remaining equity ownership in Downhole Well Solutions (DWS), the company said in a Nov. 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.