Nabors Industries Ltd. (“Nabors”) (NYSE: NBR) and Tesco Corporation (“Tesco”) (NASDAQ:TESO) today announced the completion of the previously announced acquisition of Tesco by Nabors.
Under the terms of the agreement, Nabors acquired all common shares of Tesco in an all-stock transaction. Tesco shareholders will receive 0.68 common shares of Nabors for each share of Tesco stock owned. With the completion of the transaction, Tesco common stock has ceased trading on the NASDAQ Stock Market.
“Both Nabors and Tesco share a long heritage of innovation, with inventions that have significantly enhanced the safety and efficiency of drilling operations over the past decade. Today marks a new milestone for the future of our company,” said Nabors Chairman, President and Chief Executive Officer Anthony G. Petrello. “As we implement new levels of drilling automation and analytics, this combination of Tesco and Nabors’ exceptional talent and technologies strengthens our ability to accelerate and scale deployment while continuing to innovate.”
Petrello added, “I am proud of the individuals from both organizations that diligently worked to close this transaction in four months. We anticipate achieving substantial operational and commercial synergies in the same expeditious manner.”