WASHINGTON (dpa-AFX) - PATTERSON-UTI Energy Inc. (PTEN) said it sold its flowback operations to TETRA Technologies Inc. (TTI) in a cash transaction. The sale price was $42.5 million and a division of Patterson-UTI retained the associated financial working capital of about $5 million.
In addition, Patterson-UTI expects pretax gain of around $20 million in the second quarter of 2012 as a result of this transaction. Simmons & Company International served as financial advisor to Patterson-UTI in this transaction.
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