UPDATE: C&J Energy Services Acquires Casedhole Holdings for $272.5 Mln, Shares Rise 4%

By MidnightTrader.com Staff,

Shutterstock photo

C&J Energy Services ( CJES ) has acquired all of the outstanding equity interests of Casedhole Holdings, and its operating subsidiaries, including Casedhole Solutions, for $272.5 million in cash, subject to customary closing adjustments.

Casedhole is a multi-regional, independent provider of cased-hole wireline and other complementary services for energy producers in the U.S. and is based in Houston, Texas.

The company expects the addition to be immediately accretive to CJES' 2012 earnings and cash flow per share.

Shares are up 4% to $17.66 but off a day high $18.18, on a 52-week range of $12.65 - $32.94.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: CJES

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