India, Oct. 8 -- Thursday, Drilling Tools International Corp. (DTI) announced an agreement to acquire Saltire Energy Limited and Foxley Energy Limited, a provider of rental drilling tools, in a cash-and-stock deal.
As per the terms of the deal, the total consideration consists of approximately $80 million in cash and 17.4 million shares of DTI common stock, par value $0.0001 per share.
The company expects the deal to be accretive to both adjusted EBITDA margins and adjusted free cash flow per share in the first year following closing, support stronger cash flow generation per share, and significantly expand its international presence.
DTI plans to fund the cash consideration through new debt financing and borrowings under its existing cr...