Flowco Closes Acquisition Of Lifting Solutions Energy Services
(RTTNews) - Friday, Flowco Holdings Inc. (NYSE: FLOC) announced that it completed the acquisition of Lifting Solutions Energy Services Inc., a vertically integrated manufacturer of artificial lift technologies. Lifting Solutions serves oil and gas wells across Canada, the U.S., the Middle East, and other international markets.
Flowco acquired the company for about $113 million in cash.
The acquisition expands Flowco's artificial lift portfolio, strengthens its operations in Canada and international markets, and creates opportunities to cross-sell products and services. The transaction is also expected to increase earnings and free cash flow per share.
On the NYSE, the shares were trading 2.35 percent up at $18.71.
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