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Subsequent Event
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Event

16. Subsequent Event

On July 3, 2023, we and certain subsidiaries of ours entered into a merger agreement (the “Ulterra Merger Agreement”) to acquire Ulterra Drilling Technologies, L.P. (“Ulterra”), pursuant to which, upon the terms and subject to the conditions set forth therein, we will acquire Ulterra on a debt-free basis for aggregate consideration of 34.9 million shares of our common stock and $370 million of cash, subject to customary purchase price adjustments. Ulterra is a global provider of specialized drill bit solutions.

 

The transaction is expected to close in the third quarter of 2023, subject to customary closing conditions and receipt of required regulatory approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Act.