Newpark Resources Announces Sale of Fluids Systems Segment
Newpark Resources, Inc. (NR)
Last newpark resources, inc. earnings: 2/6 04:15 pm
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Source: Business Wire
THE WOODLANDS, Texas--(BUSINESS WIRE)--Newpark Resources, Inc. (NYSE: NR) (“Newpark” or the “Company”) today announced that it has completed the sale of the Company’s equity interests in substantially all of the Company’s Fluids Systems segment (“Sale Transaction”) to SCF Partners, Inc. ("SCF") a leading private equity firm serving the global energy industry.Under the terms of the Sale Transaction agreement, the base sale price of the business is $127.5 million, adjusted by $43 million to reflect lower estimated working capital conveyed at closing as compared to the average 2023 net working capital balance, accrued taxes and certain other liabilities, and $10 million of outstanding debt. Net Sale Transaction consideration is $56 million, which reflects $70 million of cash proceeds received at closing, net of $19 million of foreign cash conveyed with the business, along with a $5 million interest-bearing seller note receivable. The final purchase price remains subject to customary
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