KLX Energy Services Holdings, Inc. acquired Greene's Energy Group, LLC for $33.9 million.
March 07, 2023
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KLX Energy Services Holdings, Inc. (NasdaqGS:KLXE) acquired Greene's Energy Group, LLC for $33.9 million on March 8, 2023. The total consideration for the acquisition consisted of the issuance of approximately 2.4 million shares of KLX common stock, subject to customary post-closing adjustments, with an implied enterprise value of approximately $30.3 million based on a 30-day volume weighted average price as of March 7, 2023 and less acquired cash of $1.7 million. Greene?s exceptional management team and talented employees will be joining KLX. Green reported unaudited $68.0 million in revenue, $5.3 million in net income and $14.7 million in Adjusted EBITDA for the period ended 2022. The acquisition of Greene?s is expected to be accretive to KLX in 2023. Mike Marek, Katherine Frank, Sarah Morgan, Ryan Carney, Brian Russell, Shane Tucker, Dario Mendoza, Becky Baker, Alex Bluebond, Scot Dixon, Rajesh Patel, Matt Dobbins and Sarah Mitchell of Vinson & Elkins LLP acted as legal advisor to KLX Energy Services Holdings, Inc. (NasdaqGS:KLXE). Greene's legal advisor was Atman Shukla, George Vlahakos, Cliff Vrielink and Zackary Pullin of Sidley Austin LLP. Simmons Energy, a Division of Piper Sandler, acted as Greene?s financial advisors for the transaction.
KLX Energy Services Holdings, Inc. (NasdaqGS:KLXE) completed the acquisition of Greene's Energy Group, LLC on March 8, 2023. The net cash was adjusted from $1.7 million to $1.1 million.
KLX Energy Services Holdings, Inc. is a provider of diversified oilfield services to onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all of the active basins throughout the United States. It operates in three segments: the Southwest Region (the Permian Basin and Eagle Ford Shale), the Rocky Mountains Region (the Bakken, Williston, DJ, Uinta, Powder River, Piceance, and Niobrara basins) and the Northeast/Mid-Con Region (the Marcellus and Utica Shale as well as the Mid-Continent STACK and SCOOP and Haynesville). Its primary services include directional drilling, coiled tubing, hydraulic frac rentals, fishing, pressure control, wireline, rig-assisted snubbing, fluid pumping, flowback, testing, pressure pumping, and well control services. Its primary rentals and products include hydraulic fracturing stacks, blow out preventers, tubulars, downhole tools, dissolvable plugs, composite plugs, and accommodation units.
KLX ENERGY SERVICES HOLDINGS, INC. 
