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News Breaks | | | | December 30, 2012 | | 14:19 EDT |  | NR | Newpark Resources to purchase Alliance Drilling Fluids
Newpark Resources announced that it has entered into a definitive agreement to acquire substantially all assets and operations of Alliance Drilling Fluids, a provider of drilling fluids, proppants, and related services headquartered in Midland, Texas. Under the terms of the agreement, cash consideration at closing is expected to be approximately $53M, subject to typical adjustments for actual working capital conveyed. Additional consideration up to $4.3M may be payable based on the profitability of the proppant business over the two year period following the acquisition. Alliance recorded revenues of $89M and operating income of $14M for the year ended December 31, 2011, of which approximately 50% of revenue and 40% of operating income was attributable to the proppant business. The transaction will be funded through borrowings on Newpark's revolving credit facility and is expected to close on December 31. | |
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