Deals
Weatherford to Acquire TNK-BP Oilfield-Services Unit
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Weatherford International Ltd., the world’s largest provider of artificial-lift services that boost oil flow in wells, agreed to buy TNK-BP Ltd.’s oilfield-services unit for $489 million, gaining 75 drilling rigs.
TNK-BP will get 24.3 million shares of Weatherford common stock, Weatherford said today in a statement. The deal is valued based on Weatherford’s closing price of $20.13 a share yesterday. Revenue for the oilfield-services unit was more than $650 million last year, Weatherford said.