HOUSTON, July 2 –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.”