Logan International Inc. (LII.TO) has agreed to buy the majority of Smith International Inc.'s North American Sup-R-Jar rental and service assets line.
In addition, Logan will also receive raw materials and parts inventories, manufacturing specifications and use of the Sup-R-Jar trade name. The purchase price includes the assumption of certain post-closing liabilities and $17.2 million in cash, $15.6 million of which is payable at closing with the remaining $1.6 million payable on delivery of certain inventory items. The transaction is expected to close in early April 2013.
For comments and feedback: editorial@rttnews.com