Dril-Quip, Inc – the offshore equipment manufacturer that specializes in drilling products for deep-water environment has completed it’s acquisition of TIW Corp, a 100-year old industry-leading manufacturer of consumable down-hole products for the global oil and gas market.
The acquisition was first announced in October
The value of the acquisition is about $143 million
This is the first acquisition in Dril-Quip’s history
The acquisition was on a on a debt-free, cash-free basis
Evercore served as Dril-Quip’s exclusive financial advisor and PPHB served as TIW’s exclusive financial advisor for this transaction.
Blake DeBerry, President and Chief Executive Officer of Dril-Quip, announced, “We are excited to complete the acquisition of TIW Corporation, the first in Dril-Quip’s history, and welcome TIW employees to the Dril-Quip team. In addition to expanding our offshore and onshore market opportunities, this transaction allows us to significantly expand our product offerings to our customers.”