Forum Energy Technologies Announced That It Received Approval From The Canadian Competition Bureau To Proceed With Its Planned Acquisition Of Variperm Energy Services

Author: Benzinga Newsdesk | December 21, 2023 09:32am

FET announced on November 2, 2023, its agreement to acquire Variperm Energy Services for consideration of $150 million of cash (subject to customary purchase price adjustments) and 2 million shares of FET's common stock, reflecting a valuation of approximately 3.7x Variperm's trailing twelve months EBITDA as of September 30, 2023. The acquisition is expected to be immediately accretive to FET's margins and cash flow. At closing, FET's net leverage ratio is expected to be 1.9x with liquidity of $142 million.

Posted In: FET