Oil States International Inc. subsidiary Oil States Industries Inc. has entered into a definitive asset purchase agreement to acquire Piper Valve Systems Ltd.
Oklahoma City, OK-based Piper Valve Systems designs and manufactures hig-pressure valves and manifold components for offshore, onshore and subsea oil and gas projects. Oil States is a manufacturer of products for deepwater production facilities and subsea pipelines.
Piper is expected to generate about USD$34 million of revenues in 2012. Total transaction consideration was USD$48 million and funded from amount available under Oil States’ existing credit facility. The transaction is subject to customary post-closing adjustments.
In a prepared statement, Oil States President and CEP, Cindy B. Taylor said, “Piper’s valve technology will be very complementary to our Offshore Products segment, allowing us to integrate their valve products and services in various subsea applications.”