Frank's International agrees to acquire Blackhawk Blackhawk Specialty Tools
Frank's International announced that it has entered into a definitive merger agreement to acquire Blackhawk Group Holdings, Inc., the ultimate parent company of Blackhawk Specialty Tools, a provider of well construction and well intervention services and products. Blackhawk is being purchased from Bain Capital Private Equity, a leading global private investment firm which acquired the business together with management in 2013. The merger consideration comprises a combination of approximately $150M of cash on hand and approximately 12.8M shares of Frank's common stock, on a cash-free, debt-free basis, subject to adjustment. Based on the Frank's closing price on Thursday, October 6, 2016 the transaction is valued at approximately $321M.