Mergers & Acquisitions ·
DTI agrees to acquire Saltire Energy for $80M cash and 17.4M shares
DTIDrilling Tools International Corp
Drilling Tools International Corp. entered into a definitive Share Purchase Agreement to acquire Saltire Energy Limited and Foxley Energy Limited, collectively known as Saltire. The transaction involves approximately $80 million in cash and the issuance of 17.4 million shares of DTI common stock. Saltire is an international downhole tool rental company with operations in the North Sea and Middle East. The deal is expected to be accretive to adjusted EBITDA margin and free cash flow per share from day one, without relying on synergies. Pro forma results indicate combined revenue of $205 million to $220 million and adjusted EBITDA of $58 million to $68 million. The transaction is subject to regulatory approvals and DTI stockholder consent, with closing expected in the first quarter of 2027. Drilling Tools International Corp. manufactures and rents downhole drilling tools and equipment.