Oil States to Acquire Piper Valve Systems
Oil States International, Inc. (NYSE: OIS) announced today that its subsidiary, Oil States Industries, Inc., has entered into a definitive asset purchase agreement to acquire Piper Valve Systems, Ltd. Headquartered in Oklahoma City, Oklahoma, Piper Valve Systems designs and manufactures high pressure valves and manifold components for oil and gas industry projects located offshore, onshore and subsea. For the twelve months ended December 31, 2012, Piper is expected to generate approximately $34.0 million of revenues. Subject to customary post-closing adjustments, total transaction consideration was $48.0 million, funded from amounts available under Oil States' existing credit facility.
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