Mergers & Acquisitions ·
DTI agrees to acquire Saltire Energy for $80M cash plus 17.4M shares, expanding Eastern Hemisphere revenue to ~40%
DTIDrilling Tools International Corp
Drilling Tools International Corp. entered into a definitive Share Purchase Agreement to acquire Saltire Energy Limited and Foxley Energy Limited (the Group) from the Loggie family trusts and related entities. The transaction values the business at approximately $81 million, consisting of £60.3 million ($81 million) in cash and 17,355,139 shares of DTI common stock issued as equity consideration. Saltire’s founders are expected to retain an approximate 30% ownership stake in the combined company post-closing. The acquisition is expected to close in the first quarter of 2027, subject to customary conditions including DTI stockholder approval and regulatory clearances. Drilling Tools International Corp. designs, engineers, manufactures, and rents specialized tools for onshore and offshore horizontal and directional drilling operations.