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Patterson-UTI Energy Announces Agreement to Acquire Pioneer Energy Services

Patterson-UTI Energy Announces Agreement to Acquire Pioneer Energy Services Background Image

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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For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 12 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or follow us on Twitter @VinsonandElkins or connect with us on LinkedIn.

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