One-Page Deal Sheet
Oil States Lets Go of Tubular Services Business
Marubeni Corporation Oil States International Inc.
Announced Date
September 06,2013
Close Date
September 06,2013
Transaction Type
Corporate
Location
Country
United States
Transaction Details: Subscribe to see
Oil States International Inc. has sold Sooner, Inc. and its subsidiaries to Marubeni-Itochu Tubulars America Inc. for $600 million in aggregate cash consideration.
Sooner comprised the entirety of the Company's Tubular Services segment and provides oil country tubular goods (OCTG) distribution and related services. The transaction is subject to customary post-closing adjustments, including final working capital determination. Oil States expects to use the net proceeds to repay outstanding debt and for general corporate purposes, including share repurchases.
Cindy B. Taylor, President and…
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