Innovex International has completed its acquisition of TCO Group in a cash-and-stock transaction valued at $95 million.
The deal strengthens
Innovex’s corporate margin profile and is expected to be accretive to earnings
per share, while supporting long-term growth.
Innovex said it plans to leverage its global commercial
platform to expand the reach of TCO’s glass barrier technologies and create
additional revenue opportunities.
The acquisition also
enhances cross-selling potential, as TCO’s established presence in Norway and
the UAE will allow Innovex to introduce its broader product portfolio into
these markets.
The company said the integration is expected to improve
returns over time and aligns with its strategy of pursuing small-ticket,
high-impact investments while balancing capital allocation between acquisitions
and share repurchases.
TCO Group is a global provider of well completion and
tubing-conveyed perforating technologies, serving complex oilfield operations.
Innovex, based in Houston, delivers energy technology
solutions across the well lifecycle, combining engineering expertise,
manufacturing capability and advanced technologies.
The acquisition supports Innovex’s focus on efficiency,
operational performance and expanding its international footprint in the energy
services sector.
Adam Anderson, CEO of Innovex, previously stated: “We are
excited to announce the acquisition of TCO Group. Robert and the TCO team have
built an outstanding company with differentiated technologies, strong customer
relationships, and an impressive track record of execution. We are pleased to
welcome the entire TCO team to Innovex and look forward to creating value for
our customers, employees, and shareholders, together.”
“We are energised to continue our growth under the Innovex name,” said Robert Abercrombie, CEO of TCO. “TCO brings technology depth, great talent and proven execution rooted in Norway. Innovex has a broad complementary portfolio and brings scale and reach globally. Together, this creates a much stronger platform for us to continue to redefine well technology and enable our customers to deliver efficient wells." -OGN/TradeArabia News Service