AcquisitionsJun 15, 2026, 07:36 AM
Innovex to Acquire TCO Group for $95M; Expects 13% EPS Accretion
AI Summary
Innovex International, Inc. announced its agreement to acquire TCO Group AS, a Norwegian company specializing in oil and gas equipment and services, for approximately $95 million. The transaction will be funded with $30 million in newly-issued Innovex common stock and $65 million in cash. TCO Group reported strong 2025 financials, including $70 million in revenue and $12 million in net income, and the acquisition is projected to be 13% accretive to Innovex's Earnings Per Share.
Key Highlights
- Innovex International, Inc. will acquire TCO Group AS for approximately $95 million.
- The purchase price includes $30 million in newly-issued Innovex common stock and $65 million in cash.
- Approximately 1,063,829 Consideration Shares will be issued at an average VWAP of $28.20.
- The Seller has agreed to a six-month lock-up period for the Consideration Shares.
- TCO Group's 2025 revenue was $70 million, with net income of $12 million and Adjusted EBITDA of $18 million.
- The acquisition is expected to be approximately 13% accretive to Innovex's EPS.
- Transaction Return on Capital Employed (ROCE) for the acquisition is expected to be 14%.
Price Impact
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