Innovex International, Inc. (NYSE:INVX) ("Innovex") is pleased to announce that it has completed the acquisition of TCO Group AS ("TCO"). Innovex previously announced it had signed an agreement to acquire TCO in a cash and stock transaction valued at $95 million. The transaction enhances Innovex's corporate margin profile and is expected to be accretive to Innovex's earnings per share. Innovex anticipates further upside over time by leveraging its global commercial platform to expand the reach of TCO's differentiated glass barrier technologies. Importantly, TCO's established presence in Norway and the UAE provides additional opportunities to introduce the broader Innovex portfolio into those markets, which could further improve transaction returns over time. The Company will continue to evaluate investment opportunities that align with its small-ticket, high-impact product strategy while balancing those opportunities against the returns available through share repurchases.
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 energized 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."
A presentation providing further information on the transaction can be found on Innovex’s investor website.
About Innovex
Innovex is a Houston-based energy technology company helping our customers move through every stage of the well lifecycle with confidence. Fueled by our No Barriers culture, we bring together top engineering expertise, advanced manufacturing, and a distinctive mix of conventional and innovative technologies to solve complex challenges, unlock efficiency, and deliver dependable performance wherever our customers operate.
About TCO Group
TCO is a global leader in well completion and tubing-conveyed perforating technologies, dedicated to solving complex well challenges through innovation, experience, and operational excellence.
Forward-Looking Statements
Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Innovex’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Forward-looking statements can be identified by the use of forward-looking terminology including "may," "believe," "expect," "intend," "anticipate," "plan," "should," "estimate," "continue," "potential," "will," "hope" or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations or state other "forward-looking" information, including without limitation statements regarding the expected benefits of the acquisition and the timing of the closing of the acquisition. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. These statements reflect management’s expectations based on currently available information and involve significant risks, uncertainties and assumptions that may cause actual results to differ materially. Factors that may cause such differences include, but are not limited to, economic conditions and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. Innovex disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release, except as may be required by law.
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