Patterson To Buy Key Energy Units For $238M

Law360, New York (July 6, 2010, 3:32 PM EDT) -- Oil and natural gas drilling company Patterson-UTI Energy Inc. has agreed to pay $237.7 million to purchase Key Energy Services Inc.'s pressure pumping and wireline businesses.

Patterson and Key said in separate statements Tuesday that the all-cash transaction would include mostly pressure pumping equipment used for shale fracturing work in Texas.

Patterson already has a pressure pumping subsidiary, Universal Well Services Inc., that operates in the Appalachian region, according to the companies.

The companies said that the deal, under which Key will record a pretax gain...
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