RPC, Inc. acquires Pintail Alternative Energy for $245M

RPC, Inc. (RES) announced the acquisition, effective April 1, of Pintail Alternative Energy, which does business under the name Pintail Completions, for approximately $245M, subject to customary post-closing adjustments. Pintail is headquartered in Midland, Texas and is a provider of oilfield wireline services in the Permian basin. The purchase price was $245M. Consideration was comprised of a combination of approximately $170M cash-on-hand, $25M of RPC restricted stock consideration and a $50M three-year note to one of the sellers. The agreement contains a post-closing adjustment for an agreed-upon level of Pintail’s working capital, as well as other usual and customary items.