ProFrac Buys FTS in Fracking Consolidation

摘要

Fracking contractor FTS International said it has agreed to sell itself to privately held rival ProFrac in an all-cash deal that values the New York-listed player at around $407.5 million. The valuation represents a 14 premium to FTS’ 60-day volume-weighted average stock price through Oct. 21. The deal is the latest sign of consolidation in the pressure-pumping sector, where a glut of equipment had kept margins for services low even before the Covid-19 pandemic gutted demand last year.