Patterson-UTI Energy Announces Agreement to Acquire Pioneer Energy Services
Vinson & Elkins advised Pioneer Energy Services Corp. (“Pioneer Energy Services”) in an agreement to be acquired by Patterson-UTI Energy, Inc. (“Patterson-UTI”) for approximately $295 million, which includes the retirement of all Pioneer Energy Services’ debt.
Consideration for this acquisition consists of the issuance of up to 26,275,000 shares of Patterson-UTI common stock plus payment of $30 million of cash. The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals, customary closing conditions and the approval of Pioneer Energy Services’ stockholders.
The V&E team was led by partners Chris Collins and Matt Strock, with assistance from associates David Lassetter and Matthew Fiorillo. Also advising were partner John Lynch and associate Adam Bateman and partner David D’Alessandro and associate Mary Daniel Morgan.
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