On Monday, Innovex International, Inc. (INVX), an oil and energy company, announced that it has signed an agreement to acquire TCO Group AS in a cash and stock transaction valued at $95 million.
On the NYSE, the shares of Innovex were trading 3.87 percent lower at $28.31.
The investment is expected to be aligned with its disciplined M&A framework, Innovex said.
For the year ended December 31, 2025, TCO had net income of approximately $12 million and Adjusted EBITDA of approximately $18 million. The transaction price is approximately 5.4 times TCO's 2026 Adjusted EBITDA and is expected to be accretive to earnings per share.
Founded in 1999 in Voss, Norway, TCO pioneered the development of the intervention-free laminated glass plug, revolutionizing well operations by eliminating the need for fishing operations.
Innovex further said that the acquisition is aligned with its strategy of assembling portfolio of its products, while strengthening its position in Norway and the UAE, the biggest markets for oil for the the company.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.