NEW YORK (Thomson Financial) - Flotek Industries Inc. Tuesday said it has
agreed to buy Teledrift Inc., an Oklahoma City-based designer of wireless survey
tools, for $95.2 million.
The deal is expected to close by the end of February. Flotek said it would
finance the purchase with the proceeds from an offering of convertible notes.
Shares of Flotek, a Houston-based provider of drilling products, closed
Monday at $21.55.
Ryan Vlastelica
rv/vj
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