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By Adam Wilmoth Energy Editor email@example.comHouston-based Patterson-UTI on Thursday completed its $1.76 billion purchase of Oklahoma City-based Seventy Seven Energy.
Patterson-UTI acquired all of Seventy Seven's outstanding stock in exchange for 47.5 million shares of Patterson-UTI common stock and the assumption of Seventy Seven's $366 million in debt.
"I would like to welcome the employees, customers, and shareholders of Seventy Seven Energy to Patterson-UTI," Patterson-UTI Chairman Mark S. Siegel said in a statement.Read more on NewsOK.com
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READ MORE: OKC's Seventy Seven Energy merger completed with Houston company