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Oil Merger To Provide Complete Services Package
April 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Houston's Grey Wolf Inc, the natural gas driller, announced on April 21 that it would acquire Basic Energy Services Inc, an oil and gas well services company based in Midland. The two are planning to merge to create a new entity that would have 7,500 employees, 395 well-servicing rigs and 130 drilling rigs in addition to other oilfield service assets. The deal, which is expected to close in Q308 as it still requires regulatory and shareholder approval, amounts to a US$1.4bn cash and stock acquisition by Grey Wolf.